Question

Gage had $100,000 in a CD at Lots­-a-­Loot Bank, which just failed. If the FDIC insurance limit per depositor per bank is $250,000, how much will Gage get back?

Answer 1

The amount Gage will get back is $100,000

Explanation:

The amount Gage had in the Credit Deposit CD at the Lots - a--Loot Bank that just failed =$100,000

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 Gage deposit is $100,000, the amount Gage will get back= $100,000.