A mobile banking app speeds up the check deposit process by two days Bank charges $.20...
A mobile banking app speeds up the check deposit process by two days Bank charges $.20 for each check deposited by using the app Funds can be invested at 12% annually What is the average check amount that would justify using this mobile app?
$300
$100
$400
$200
Homework Answers
| Correct option is: $300 | ||
| Workings: | ||
| Let the average amount be X | ||
| X * 12% * 2 / 360 | = | 0.2 |
| X * 0.24 | = | 0.2 x 360 |
| 0.24 X | = | 72 |
| X | = | 72 / 0.24 |
| X | = | 300 |
| Therefore, the average check amount to justify the mobile app should be $300 or more | ||
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