Question

If the FDIC has a $59.5 billion insurance fund and must use 5.6% of it to cover several failed banks, approximately how much money is left in the fund?

Answer 1

The answer is a. $56.17 billion

Answer 2

$56.17 billion

Explanation:

FDIC has a $59.5 billion

They used 5.6% to cover several failed banks

5.6% of $59.5 billion

=5.6/100× $59.5 billion

=0.056×$59.5

=$3.332 billion.

The money left is $59.5 billion minus $3.332 billion.

$59.5-$3.332 billion

=$56.168 billion

Approximately $56.17 billion