Question

In 2007, the FDIC’s insurance limit was $100,000 per person per bank. Approximately 62% of Gil’s deposits were insured by the FDIC. Which of the following was a possible setup for Gil’s deposits?

a.
A $13,000 money market account at Bank T; a $31,000 CD, $44,000 savings account, and $16,000 checking account at Bank U; a $70,000 CD and $28,000 money market account at Bank V
b.
A $54,000 checking account and $84,000 savings account at Bank T; a $28,000 money market account, $27,000 savings account, and $20,000 CD at Bank U; a $130,000 CD at bank V
c.
A $60,000 money market account and $70,000 savings account at Bank T; a $40,000 checking account and $92,000 savings account at Bank U; a $45,000 CD and $75,000 checking acount at Bank V
d.
A $108,000 savings account and $46,000 CD at Bank T; a $36,000 money market account and $38,000 CD at Bank U; a $63,000 checking account, $80,000 savings account, and $70,000 money market account at Bank V

Answer 1

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Explanation:

Based on the information provided, the possible setup for Gil's deposits is option d:

A $108,000 savings account and $46,000 CD at Bank T

A $36,000 money market account and $38,000 CD at Bank U

A $63,000 checking account, $80,000 savings account, and $70,000 money market account at Bank V.

This setup meets the requirement that approximately 62% of Gil's deposits were insured by the FDIC