Which Of The Following Usually Offers Money Market Mutual Funds

Question: A $350 savings account that earns $5.00 interest in a year has a yield of ________ percent. (Round your answer to 2 decimals.)

Answer: 1.43

APY = 100 × (interest/principal)

Question: Based on the following information, what amount would be subtracted from the bank balance side of a checking account reconciliation? Service charge $39, Outstanding checks $290, Interest $11, Deposit in transit $860.

Answer: $290

Question: What is the APY for a savings account with a $430 balance that receives $20 interest for the year? (Round your answer to 2 decimals.)

Answer: 4.65%

APY = 100 × (Interest/Principal)

Question: Nicholas earned 11.5% in his savings account. If he is in the 33% tax bracket, what is his after-tax savings rate of return? (Round your answer to 2 decimals.)

Answer: 7.71%

After-tax rate = Return × (1 − Tax rate)

Question: Evan had three accounts as listed below. In 2014, how much was his total coverage by the FDIC?

● Bank A: $95,000

● Bank B: $60,000

● Bank C: $300,000

Answer: $405,000

Question: Which of the following will likely provide the most expensive loans?

Answer: A payday loan company.

Question: Which of the following usually offers money market mutual funds?

Answer: An investment company.

Question: Marcus bought a certificate of deposit whose interest rate is based on the stock market. Sometimes, his earnings are higher than other similar CDs, and at other times, his earnings are lower. He purchased a(n)

Answer: Indexed CD.

Question: Justin needs to have access to his money in five months. The best option for his savings is a

Answer: Money market account.

Question: Nora bought a used car and was told that she needed a personal check with guaranteed payment. She obtained a

Answer: Certified check.