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Question
A DI offers a $500 minimum balance NOW account paying 5.5 percent annual interest. The account has a service charge of $0.05 per check, and processing costs per check are $0.15. The customer maintains a balance of $1,000, and averages 150 checks per year. What is the annual gross interest return on this account to the customer?
A. $22.50.
B. $70.00.
C. $15.00.
D. $55.00.
E. $7.50.
Answer
This answer is hidden. It contains 159 characters.
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