Solved: Interest earnings of 3 percent with a 550 minimum balance, Basic Statistics

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Interest earnings of 3 percent with a 550 minimum balance

What would be the net annual cost of the following checking account?

Interest earnings of 3 percent with a $550 minimum balance; average monthly balance, $800; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months)(Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as a positive value.)

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Basic Statistics: Interest earnings of 3 percent with a 550 minimum balance

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