Question

The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If the bank does not want to pay interest to more than 4% of its checking account customers, what is the minimum daily balance on which it should be willing to pay interest? (Round your answer to the nearest dollar)

Answer 1

Answer:

If the amount is 1 for example,

And the bank does not want to pay more than 4%, then the amount will be,

4/100 ×1= 0.04