After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife Cynthia have three accounts at ABC Bank & Trust, one joint account with a balance of $60 comma 09960,099 and two individual accountsminus−his has a $120 comma 712120,712 balance and hers has a $253 comma 629253,629 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts?

Please refer to Explanation

Explanation:

According to the Federal Deposit Insurance Corporation, the limit to the amount a person can be insured for is, $250,000 per depositor, per insured bank.

That means that Tony's account at a balance of $120,712 is covered completely as it is well below $250,000.

Their Joint account is also completely covered at $60,099.

Cynthia however does not have complete coverage as her bank account exceeds to the coverage limit by $3,629 which will not be covered.

Should be noted that should she transfer this excess to the joint account then she should be fully covered.

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