If the interest rate on a savings account is 0.01%, approximately how much money do you need to keep in this account for 1 year to earn enough interest to cover a single $9.99 below minimum balance fee?

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Answer 1 · 2018-01-13T16:33:56

$$99,900.00$

$0.01%=0.01/100=1/(10,000)$

Let $x$ represent the required balance to cover $9.99 at 0.01%
$1/(10,000)xx x= $9.99$

$hArr x= $9.99 xx 10,000=$99,900$