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In: Finance

Janie has a joint account with her mother with a balance of $626,000. Based on $250,000...

Janie has a joint account with her mother with a balance of $626,000. Based on $250,000 of Federal Deposit Insurance Corporation coverage, what amount of Janie’s savings would not be covered by deposit insurance?

uninsured amount:

Solutions

Expert Solution

Answer - uninsured amount = $63000

Reason -

Janie's proportion of joint account = $626000 * 50% = $313000

Uninsured portion of Janie's account = Janie's portion of joint account - Federal deposit insurance corporation coverage

= $313000 - $250000

= $63000

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jeff jeffy answered 2 years ago
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