If the interest rate on a savings account is 0.02%, approximately how much money do you need to keep in this account for 1 year to earn enough inerest to cover a single $9.99 below-minimum-balance fee?

ANSWER: $49,950

EXPLANATION: The savings account will need $49,950 to earn enough interest of $9.99 Below-Minimum-Balance Fee. The calculation is simple. Let the total money be P and we have a goal of $9.99. So, multiplying P with 0.02% should give the answer $9.99. Mathematically writing, the equation should be P x 0.02% = $9.99. The next step for solving the equation would be P = $9.99 ÷ 0.0002 which is $49,950.

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