Checking account A charges a monthly service fee of $20 and a wire transfer fee of $3, while checking account B charges a monthly service fee of $30 and a wire transfer fee of $2. How many transfers would a person have to have for the two accounts to cost the same? A. O B. 31 C. 10 D. 21 SUBMIT

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21-08-2022
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Checking account A charges a monthly service fee of $20 and a wire transfer fee of $3, while checking account B charges a monthly service fee of $30 and a wire transfer fee of $2. How many transfers would a person have to have for the two accounts to cost the same? A. O B. 31 C. 10 D. 21 SUBMIT

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chilljain33 chilljain33 · Answer 1 · 2022-08-24T12:57:14+02:00

When two different checking accounts charge monthly service fee and transfer fees as per the given condition, a total of 10 transfers would be required to have for the two accounts to cost the same. Therefore, the option C holds true.

What is the significance of a checking account?

A checking account is a type of account offered by commercial banks to its customers for a specific purpose. Such accounts usually bear a monthly service fee and wire transfer fee.

Using the information given above, when 10 transfers are done with checking account A, the cost will be $50 i.e., (10 × 3) +20. And, for checking account B, the cost will be $50, i.e., (10 × 2) + 30.

Therefore, the option C holds true and states regarding the significance of a checking account.

Learn more about a checking account here:

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Checking account A charges a monthly service fee of $20 and a wire transfer fee of $3, while checking account B charges a monthly service fee of $30 and a wire transfer fee of $2. How many transfers would a person have to have for the two accounts to cost the same? A. O B. 31 C. 10 D. 21 SUBMIT​

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What is the significance of a checking account?

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Checking account A charges a monthly service fee of $20 and a wire transfer fee of $3, while checking account B charges a monthly service fee of $30 and a wire transfer fee of $2. How many transfers would a person have to have for the two accounts to cost the same? A. O B. 31 C. 10 D. 21 SUBMIT