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If 450,000 people each receive an average refund of 2,250, based on an annual interest rate...

If 450,000 people each receive an average refund of 2,250, based on an annual interest rate of of 3 percent, what would be the lost annual income from savings on those refunds?

Solutions

Expert Solution

Lost annual income = (Number of people * Average refund) * Annual interest rate

= (450,000 * 2,250) * 3%

= $30,375,000

Lost annual income = $30,375,000

jeff jeffy answered 2 years ago
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