When two different checking accounts charge monthly service fee and transfer fees as per the given condition, a total of 10 transfers would be required to have for the two accounts to cost the same. Therefore, the option C holds true.
What is the significance of a checking account?
A checking account is a type of account offered by commercial banks to its customers for a specific purpose. Such accounts usually bear a monthly service fee and wire transfer fee.
Using the information given above, when 10 transfers are done with checking account A, the cost will be $50 i.e., (10 × 3) +20. And, for checking account B, the cost will be $50, i.e., (10 × 2) + 30.
Therefore, the option C holds true and states regarding the significance of a checking account.
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