jeremy withdraws cash from an ATM that is not his own bank's 6 times a month. He pays $1.25 per transaction. if this pattern is consistent across a year, what will his yearly cost be?
a) $90.00
b) $45.00
c) $15.00
d) $7.50
marley decides to invest in a Tax Free savings account, which offered him 3.8%yr compounded daily. he deposited $3500 and it stayed in his account for 4 years. how much interest did he earn?
a) $574.53
b) $446.22
c) $422.61
d) $328.30
And your answers are?
A and D is that correct?
A is correct for 1.
I don't know the answer for 2.
ok can u check my answers for some other questions??
I'll try.
which of the following services do banks not provide?
a. lines of credit
b. health insurance
c. currency exchange
d. none of above (THIS ONE)
which institutions does not offer RRSPs?
a. bank
b. credit union
c. trust company (THIS ONE)
d. investment company
what is the one of the main services of a trust company?
a. chequing and savings account
b. bill payment
c. managing and invest assest (THIS ONE)
d. RRSP's and GICs
where would someone go to look for wealth management advice?
a. bank
b. trust company
c. investment company (THIS ONE)
d. all of the above
what can debit cards be used for?
a. accessing a bank account by phone
b. pay for services
c. transferring money between accounts
d. all of above (THIS ONE)
which of the following statements is true?
a. transaction with cheques and debit cards are recorded electronically, automatically
b. you need I.D to use a cheque at a store but not a debit card
c. cheques are more widely accepted in stores than debit cards
d. none of the above (THIS ONE)
which of the following is not a disadvantage of using a debit card?
a. can be lost or stolen (THIS ONE)
b. interest charges
c. PIN may be hard to remember
d. may have fees
which of the following statement is false?
a. online banking allows banking after business hours
b. both a debit card and password are required for online banking
c. banking online is expensive (THIS ONE)
d. bills paid online on the weekend are not processed until the next working day
which of the following is not an advantage of online banking?
a. 24.7
b. instant access to accounts
c. able to deposit and withdraw money (THIS ONE)
d. accessible from anywhere
I just realized these are about Canadian financial services. I'm sorry, but I know nothing about them.
You might try posting these last questions with this subject line: Canadian finances.
okay thank u for helping
i = .038/365
n= 365(4) = 1460
principal = 3500
amount = 3500( 1 + .038/365)^1460
= 4074.53
So interest earned = 4074/53-3500 = 574.53 which is choice a)
To calculate Jeremy's yearly cost for using an ATM that is not his own bank's, you need to multiply the cost per transaction by the number of transactions per month and then multiply that by the number of months in a year.
Given:
Cost per transaction = $1.25
Number of transactions per month = 6
To find the yearly cost, first calculate the cost per month:
Cost per month = Cost per transaction x Number of transactions per month
Cost per month = $1.25 x 6 = $7.50
Next, calculate the yearly cost:
Yearly cost = Cost per month x Number of months in a year
Yearly cost = $7.50 x 12 = $90.00
Therefore, the correct answer is option a) $90.00.
To calculate the interest Marley earned on his Tax-Free savings account, you can use the compound interest formula:
A = P(1 + r/n)^(nt) - P
Where:
A is the total amount in the account after t years,
P is the initial deposit,
r is the interest rate (in decimal form),
n is the number of times interest is compounded per year,
and t is the number of years.
Given:
Initial deposit (P) = $3500
Interest rate (r) = 3.8% or 0.038
Number of times compounded per year (n) = 365 (compounded daily)
Number of years (t) = 4
Using the formula, we can calculate the total amount in the account (A) after 4 years, then subtract the initial deposit to find the interest earned.
A = P(1 + r/n)^(nt) - P
A = $3500(1 + 0.038/365)^(365*4) - $3500
Calculating this equation will give us the interest earned.
By evaluating the equation, we get the answer: $574.53.
Therefore, the correct answer is option a) $574.53.