Question

In 2007, the FDIC’s insurance limit was $100,000 per person per bank. If Sam had a $150,000 savings account and $80,000 checking account at Bank J, a $95,000 money market account at Bank K, and a $200,000 savings account at Bank L, how much of Sam’s money was FDIC insured?
a.
$295,000
b.
$300,000
c.
$375,000
d.
$525,000

Answer 1

Answer: a. $295,000

Work:
- Bank J: $150,000 + $80,000 = $230,000 → insured $100,000
- Bank K: $95,000 → insured $95,000
- Bank L: $200,000 → insured $100,000

Total insured = $100,000 + $95,000 + $100,000 = $295,000.