(Answered) Question a bank determines from an analysis of its

Management Studies

Question: A bank determines from an analysis Of its cost-accounting figures that for each $500 minimum-balance checking account it sells, account procesing and other operating costs will aver-age $4.87 per month and overhead expenses will run an average of $1.21 per month. The bank hopes to achieve a profit margin over these particular costs of 10 percent of total monthly costs. What monthly fee should it charge a customer who opens one of these checking accounts?

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