Question

If the NCUA charges 6.3 cents per 100 dollars insured and Credit Union L pays $8,445 in NCUA insurance premiums, approximately how much is in Credit Union L’s insured deposits?
a.
$1.2 million
b.
$5.3 million
c.
$13.4 million
d.
$20.6 million

Answer 1

Rate = $0.063 per $100. Number of $100 units = 8445 / 0.063 ≈ 134,047.6 units → insured deposits ≈ 134,047.6 × $100 ≈ $13,404,762 ≈ $13.4 million.

Answer: c.