Question4 3 pts Imagine a wealthy married couple. Their names are Casey and Remy

Question

Question4 3 pts Imagine a wealthy married couple. Their names are Casey and Remy. Casey works at the U of U and Remy works for an advertising company in downtown Salt Lake City. They have $500,000 deposited in the University branch of Wells Fargo bank in a joint account. Remy also has $500,000 deposited in the downtown branch of Wells Fargo in an individual account. Wells Fargo is an FDIC-insured institution. In the unlikely event that Wells Fargo became insolvent and couldn't pay its depositors, what level of insurance protection would Casey and Remy, taken together, receive? (Hint: Remember that the standard FDIC insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.) $125,000 $250,000 $500,000 $750,000 $1,000,000

Explanation / Answer

ANSWER TO QUESTION - 4

Casey and Remy will recive - $ 7,50,000.

Reason : for Joint account assuming 50/50 share, both will get $ 2,50,000 each. and for Individual account of Remy, she will get 2,50,000. this is as per hints given and as per prevailing policy of FDIC.

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