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What would be the net annual cost of the following checking accounts?

a. Monthly fee, $4.25; processing fee, 50 cents per check; assume checks written average to 16 per month. (Round your answer to 2 decimal places.)

Net annual cost $

b. Interest earnings of 2 percent with a $550 minimum balance; average monthly balance, $750; monthly service charge of $14 for falling below the minimum balance, which occurs five times a year (no interest earned in these months). (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Net annual cost $

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92066957

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