Michael assets that are covered by deposit insurance

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Reference no: EM131850355

Michael has several accounts at Anytown National Bank. He has a checking account with a balance of $5,000. He and his wife, Janet, have a joint savings account with a balance of $70,000. Michael also has a three-year jumbo certificate of deposit that he purchased for $100,000 and has now accrued interest of $10,000. He also keeps $50,000 in cash in a safe deposit box.

What is the total balance of Michael's assets that are covered by deposit insurance?

Reference no: EM131850355

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