Check out some similar questions!

jjds1996 · Jun 17, 2012, 01:03 PM

For a interest checking there is a monthly service charge of $7; interest of 3%, compounded daily. With a minimum balance of $1500, the monthly charge is waived

Fr_Chuck · Jun 17, 2012, 01:13 PM

Does not sound realistic, 3% interest does not sound right, it is hard to get interest of even 1 percent. Are you sure this is not a .03 percent ?

If this is real, I would jump at it and put as much money as I could in that account. I have one old CD left at 3 percent. All my new ones are not much over 1 percent.

jjds1996 · Jun 17, 2012, 01:22 PM

Originally Posted by Fr_Chuck

Does not sound realistic, 3% interest does not sound right, it is hard to get interest of even 1 percent. Are you sure this is not a .03 percent ?

If this is real, I would jump at it and put as much money as I could in that account. I have one old CD left at 3 percent. All my new ones are not much over 1 percent.

It is 3% and compounded daily. It is a homework question that hubby and I are completely stumped on.

Fr_Chuck · Jun 17, 2012, 02:19 PM

There is not a question, you just stated a fact. What question is there. You merely stated what the account does, so now there needs to be a question about the account.

pready · Jun 18, 2012, 06:57 AM

This is a Future Value of $1 problem, but there is not enough information to solve the problem. The OP is missing the number of periods to be able to solve the problem.