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Compensating balance sufficient

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(Fees versus compensating balance) The bank services you receive cost 450 per month. You have a 100,000 average balance at the bank, on which the bank gives you earnings credits of 0.3% per month.

A. Is your compensating balance sufficient to cover your service charges? If not, how much additional money do you owe the bank?

B. What minimum compensating balance would cover your 450 service charge?

Reference no: EM131387861

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