3ryna has [tex]$\$[/tex]300[tex]$ to open a checking account. She wants an account with the least amount of fees. She does not plan on using an ATM, and her employer offers direct deposit.
\begin{tabular}{|c|c|c|c|c|c|}
\hline
& \begin{tabular}{c} Minimum \\ Balance \end{tabular}
& Interest
& \begin{tabular}{c} Overdraft \\ Protection \end{tabular}
& ATM Fees
& Monthly Fee
\\ \hline
A
& $[/tex]\[tex]$500$[/tex] & [tex]$0.1\%$[/tex] & yes & [tex]$\$[/tex]0[tex]$ for all ATMs
& $[/tex]\[tex]$5$[/tex] \\ \hline B & [tex]$\$[/tex]250[tex]$
& $[/tex]0\%[tex]$
& no
& \begin{tabular}{c} $[/tex]\[tex]$0$[/tex] for ABC bank \\ ATMs \end{tabular} & [tex]$\$[/tex]10[tex]$
\\ \hline
C
& $[/tex]\[tex]$50$[/tex] & [tex]$0\%$[/tex] & no & [tex]$\$[/tex]2[tex]$ per transaction
& $[/tex]\[tex]$0$[/tex] with direct deposit \\ \hline \end{tabular}
Let's determine which account 3ryna should choose based on her requirements and available funds.
1. Evaluate the initial money requirement: 3ryna has \[tex]$300 available to open a checking account.
2. Compare the minimum balance requirement for each account:
- Account A requires a minimum balance of \$[/tex]500. - Account B requires a minimum balance of \[tex]$250.
- Account C requires a minimum balance of \$[/tex]50.
Given that 3ryna has \[tex]$300:
- She cannot open Account A since \$[/tex]300 < \[tex]$500.
- She can open Account B since \$[/tex]300 > \[tex]$250.
- She can open Account C since \$[/tex]300 > \[tex]$50.
3. List the valid accounts based on her initial money:
Valid accounts given her \$[/tex]300 are: - Account B - Account C
4. Determine the fees for each valid account (as 3ryna prefers the least amount of fees): - Account B: Monthly fee of \[tex]$10.
- Account C: Monthly fee of \$[/tex]0 with direct deposit (which she uses).
5. Compare the monthly fees of the valid accounts: - Monthly fee for Account B: \[tex]$10
- Monthly fee for Account C: \$[/tex]0
Since 3ryna wants an account with the least amount of fees, Account C has the lower monthly fee (\$0).
