FINANCE-The problem is a break even point (BEP) problem
The problem is a break even point (BEP) problem. Dupree Funds is considering the fees charged by two banks. Bank ABC charges a flat rate of $.11 per payment and First Western requires a deposit of $500,000 (that does not pay interest to Dupree), plus $.05 per payment. What is the number of payments per year where the costs of the two banks will be equal? Assume Dupree’s cost of funds is 9%.
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