10. Comparing Costs of Checking Accounts. What would be
the net annual cost of the following checking accounts?
a. Monthly fee, $3.75; processing fee, $0.25 per check;
checks written, an average of 22 a month.
b. Interest earnings of 6 percent with a $500 minimum
balance; average monthly balance, $600; monthly service
charge of $15 for falling below the minimum balance, which
occurs three times a year (no interest earned in these months).