Fred and Wilma are married with two boys, Slate and Stone. They have the following accounts...
Fred and Wilma are married with two boys, Slate and Stone. They
have the following accounts with the following balances at their
local bank:
• Fred (single account) $450,000
• Wilma (single account) $175,000
• Fred & Wilma (joint account) $300,000
• Wilma & Slate (joint account) $100,000
How much of all of their accounts will be insured by the FDIC?
A. $500,000.
B. $825,000.
C. $875,000.
D. $900,000.
Homework Answers
B)$825000
The FDIC adds together all single accounts owned by the same person at the same bank and insures the total up to $250,000.
So $250000 of $450000 from fred's single account is insured. And the whole amount $175000 is insured from Wilma's single account is also insured
If all of these requirements are met, each co-owner's shares of every joint account that he or she owns at the same insured bank are added together and the total is insured up to $250,000.
So Fred's share of $150000 from the joint account is insured and Wilma's shares of $150000 & $50000 from both joint accounts is insured and the slate's share of 50000 from the joint account is also insured.
Total amount of deposit which is insured = $250000+$175000+$150000+$150000+$50000+$50000
=$825000
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