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If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?
$55,555
$55
$555
$5,555

Respuesta :

Yna9141

The interest from an investment is calculated through the equation,

    I = P x i

Where I is the interest, P is the principal amount and i is the interest rate.

   P = I / i

Substituting the known values,

   P = ($9.99) / (0.018/100) = $55,500

 The nearest value to the obtained value above is $55,555. Thus, the answer to this item is the first choice. 

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