AFP
CTP · Question #308
(Topic 4) Based on the following information, what is the required collected balance to cover all monthly service charges? Deposit Float$10,000 Reserve Requirement5% Earnings Credit Rate15% Monthly…
The correct answer is D. $512,281. See the full explanation below for the reasoning.
Question
- (Topic 4)
Based on the following information, what is the required collected balance to cover all monthly service charges? Deposit Float$10,000 Reserve Requirement5% Earnings Credit Rate15% Monthly Service Charges$6,000 Days in month30
Options
- A$308,222
- B$456,000
- C$486,667
- D$512,281
How the community answered
(34 responses)- A3% (1)
- B9% (3)
- C12% (4)
- D76% (26)
Community Discussion
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