To determine the best checking account for Irma given her criteria and initial balance of [tex]$\$[/tex] 500[tex]$, we need to look at each account’s minimum balance requirement and monthly fees. Here's a detailed, step-by-step evaluation:
1. Account A:
- Minimum Balance: \$[/tex]500
- Monthly Fee: \[tex]$0
- Since Irma’s initial balance is \$[/tex]500, she qualifies for this account without a monthly fee.
2. Account B:
- Minimum Balance: \[tex]$250
- Monthly Fee: \$[/tex]5
- Irma’s initial balance of \[tex]$500 is more than the minimum required (\$[/tex]250), so she qualifies for this account. However, it has a monthly fee of \[tex]$5.
3. Account C:
- Minimum Balance: \$[/tex]50
- Monthly Fee: \[tex]$0 (with direct deposit)
- Irma’s initial balance of \$[/tex]500 is more than the minimum required (\[tex]$50), so she qualifies for this account. Because she will use direct deposit, the monthly fee is \$[/tex]0.
4. Account D:
- Minimum Balance: \[tex]$100
- Monthly Fee: \$[/tex]0 (with direct deposit)
- Irma’s initial balance of \[tex]$500 is more than the minimum required (\$[/tex]100), so she qualifies for this account. With direct deposit, the monthly fee is \[tex]$0.
Given Irma’s preferences and conditions, let's sum up the options:
- Account A: Minimum balance of \$[/tex]500, monthly fee \[tex]$0.
- Account B: Minimum balance of \$[/tex]250, monthly fee \[tex]$5.
- Account C: Minimum balance of \$[/tex]50, monthly fee \[tex]$0 (with direct deposit).
- Account D: Minimum balance of \$[/tex]100, monthly fee \[tex]$0 (with direct deposit).
Since Irma wants an account with the lowest fees, we compare the options that have \$[/tex]0 monthly fees:
- Account A
- Account C
- Account D
All three accounts have \[tex]$0 monthly fees. Given that all other needs are met, we consider the minimum balance requirements as well. Account C and Account D have lower minimum balance requirements (\$[/tex]50 and \[tex]$100 respectively) compared to Account A (\$[/tex]500). However, since she has \[tex]$500 and meets the minimum balance requirements for all three, any of the accounts with \$[/tex]0 monthly fees would be suitable.
In conclusion, the best checking account for Irma out of the options would be Account A, given that it has no monthly fee and she meets the minimum balance requirement.
Thus, the best choice for Irma would be:
[tex]\[ \boxed{A} \][/tex]
The feasible options for Irma, ordered by monthly fee from lowest to highest are:
[tex]\[ \{(\text{'A'}, \$0), (\text{'C'}, \$0), (\text{'D'}, \$0), (\text{'B'}, \$5)\} \][/tex]
