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Question
From an analysis on its deposits, a bank determines that account processing and other operating expenses cost the bank $4.15 per month. It has also determined that non-operating expenses on its deposits are $1.65 per month. The bank wants to have a profit margin which is 10 percent of monthly costs. What monthly fee should the bank charge on its deposit accounts?
A. $6.38 per month
B. $5.80 per month
C. $4.57 per month
D. $4.15 per month
E. None of the options is correct
Answer
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