Question

If the FDIC has an insurance fund of $67. 8 billion and must use 7. 6% of it to cover several failed banks, approximately how much money is left in the fund? a. $5,153 million b. $57. 49 billion c. $72. 95 billion d. $62. 65 billion Please select the best answer from the choices provided A B C D.

Answer 1

The remaining money will be $62. 65 billion

What will be the remaining fund in FDIC?

Given amount =$67. 8 billion

Amount used to cover several failed banks = 7.6% of the total amount

So the amount used to cover several failed banks=  $\dfrac{67.8\times 7.6}{100}$

$Amount = 5.1528$

So the remaining amount = $67.8-5.15=62.65$

Thus the remaining money will be $62. 65 billion

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