Question

In 2007, the FDIC’s insurance limit was $100,000 per person per bank. Approximately 59% of Mark’s deposits were insured by the FDIC. Which of the following is a possible setup for Mark’s deposits? 

a. A $50,000 savings account and $31,000 money market account at Bank G; a $71,000 money market account, $109,000 CD, and $39,000 checking account at Bank H; a $55,000 checking account, $84,000 savings account, and $38,000 CD at Bank I 

b. A $109,000 savings account, $124,000 checking account, and $36,000 money market account at Bank G; a $52,000 CD and $86,000 money market account at Bank H; a $79,000 checking account, $42,000 savings account, and $88,000 CD at Bank I 

c. A $107,000 money market account and $150,000 savings account at Bank G; a $22,000 checking account, $31,000 savings account, and $40,000 CD at Bank H; a $70,000 CD, $47,000 money market account, and $59,000 savings account at Bank I 

d. A $28,000 checking account and $3

Answer 1

The possible setup for Mark's deposits is option a, which includes specific account balances at different banks.

Step-by-step explanation:

The possible setup for Mark's deposits is option a. In this setup, Mark has a $50,000 savings account and $31,000 money market account at Bank G, a $71,000 money market account, $109,000 CD, and $39,000 checking account at Bank H, and a $55,000 checking account, $84,000 savings account, and $38,000 CD at Bank I.

Answer 2

a. A $50,000 savings account and $31,000 money market account at Bank G; a $71,000 money market account, $109,000 CD, and $39,000 checking account at Bank H; a $55,000 checking account, $84,000 savings account, and $38,000 CD at Bank I