Question

jerry has $321,000 in a bank account at his local bank. how much does he stand to lose if the bank goes out of business? enter your answer in this format $xx,xxx

Explanation:

Step1: Recall FDIC insurance limit

In the US, FDIC insures up to $250,000 per depositor per bank. Jerry has $321,000.

Step2: Calculate loss

Loss = Total amount - Insured amount = $321,000 - $250,000 = $71,000.

Answer:

$71,000