(Answered) Maintaining the checking account

Finance

A UCF graduate writes 22 checks per month and pays $0.05 per check. The bank pays the graduate 1% interest per annum, and he/she maintains an average monthly balance of $600. What is the graduate's net annual cost of maintaining the checking account after giving effect to the interest earned (ignore taxes)?

$ 7.20 net cost
$ 66.00 net cost
$ 54.00 net cost
$ 60.00 net cost

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