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  3. 3. you have an account that requires a minimum mon

3. You have an account that requires a minimum monthly balance of $5000 if annual...

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Accounting

3. You have an account that requires a minimum monthly balance of $5000 if annual interest of 4 percent is to be earned monthly on its deposits. An account holder has maintained an average balance of $1000 for the first eight months of the year and $2000 for the last four months of the year. You have written an average of 15 checks a month and is not charged for these services. However, it costs the bank $0.03 to process each check. What is the average return earned (both explicit and implicit) by you the account holder over the full year if the minimum balance is reduced to $2000?

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