Question

Shelly is a customer of Apex Bank, which is a member of the FDIC. She has $11,564 in a checking account and $10,000 in a savings account. How much of Shelly's money is FDIC-protected?

Answer 1

11,564+10,000
=21,564
................

Answer 2

Total $21,564 of Shelly's money is protected by FDIC.

Explanation:

It is given that Shelly is a customer of Apex Bank, which is a member of the FDIC.

She has $11,564 in a checking account and $10,000 in a savings account.

Total amount of Shelly's money deposited in the Apex bank is

`11564+10000=21564`

We know that the FDIC covers the checking account, savings accounts and traditional types of bank deposit accounts. FDIC coverage limit is $250,000.

Therefore the $21,564 of Shelly's money is protected by FDIC.