Ramesh has $272,000 in a cd at a local bank . If the bank goes out of business what is the maximum amount he could loose

Question

asked Jul 3, 2020 82.8k views

1 Answer

Hallvar Helleseth · Answer 1 · 2020-07-08T01:06:03+0000

Complete Question:

If the bank goes out of business what is the maximum amount he could lose if the bank has FDIC coverage?

Answer:

$22,000

The FDIC covers $250,000 so the difference equals what he would loose.