Question

Gordon had $200,000 in a CD at Lotsa Loot Bank, which just failed. If theFDIC insurance limit per depositor,per bank, is $250,000, how muchwill Gordon get back?

Answer 1

The amount Gordon will get back is $200,000

The amount Gage had in the Credit Deposit CD at the Lots - a--Loot Bank that just failed =$200,000

The Federal Deposit Insurance Corporation (FDIC) insurance limit per depositor per bank = $250,000

Therefore, the maximum amount that can be refunded by FDIC per depositor per bank in the event of the bank failure = $250,000

Therefore, the amount Gage get can get back is ≤ $250,000 whereby Gordon's deposit is $200,000, the amount Gage will get back= $200,000.

Final answer:

$200000