The following table shows Jay's estimated annual benefits of holding different amounts of money. $\begin{array}{|r|r|}
\hline{\text { Average money holdings }} & \text { Total benefit } \
\hline \$ 700 &\$50 \
\hline \$ 800 & \$ 59 \
\hline \$ 900 & \$ 66 \
\hline \$ 1,000 & \$ 71 \
\hline \$ 1,100 & \$ 72 \
\hline
\end{array}$
How much money will Jay hold if the nominal interest rate is 8 percent? (Assume he wants his money holdings to be in multiples of $100.)

Question

The following table shows Jay's estimated annual benefits of holding different amounts of money. $\begin{array}{|r|r|}
\hline{\text { Average money holdings }} & \text { Total benefit } \
\hline \$ 700 &\$50 \
\hline \$ 800 & \$ 59 \
\hline \$ 900 & \$ 66 \
\hline \$ 1,000 & \$ 71 \
\hline \$ 1,100 & \$ 72 \
\hline
\end{array}$  
How much money will Jay hold if the nominal interest rate is 8 percent? (Assume he wants his money holdings to be in multiples of $100.)

Quizplus · Accepted Answer

The Answer of The following table shows Jay's estimated annual benefits of holding different amounts of money. $\begin{array}{|r|r|}
\hline{\text { Average money holdings }} & \text { Total benefit } \
\hline \$ 700 &\$50 \
\hline \$ 800 & \$ 59 \
\hline \$ 900 & \$ 66 \
\hline \$ 1,000 & \$ 71 \
\hline \$ 1,100 & \$ 72 \
\hline
\end{array}$  
How much money will Jay hold if the nominal interest rate is 8 percent? (Assume he wants his money holdings to be in multiples of $100.)

The Following Table Shows Jay's Estimated Annual Benefits of Holding