You just graduated from college and will start your first full-time job on Monday. You are a software engineer for a major designer of smartphone apps for the financial services You were able to get through college thanks to a mix of economic arrangements. You were given free room and board by an elderly couple located just off campus. In return, you maintained their small farm; planting and harvesting their crops and tending to their livestock. You also had a partial tuition scholarship, and covered the rest by taking out student loans. Ever the prudent money manager, you continue to save your money so you can retire early. After several years you have accumulated $300,000 in a savings account at an FDIC-insured commercial bank, $100,000 in a mutual fund account at the same bank, and $100,000 in a checking account at another FDIC-insured bank. Should both banks fail, how much of your money is insured? a. $500,000 b. $350,000 c. $450,000 d. $250,000

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If both banks fail the total amount of money that is insured by the Federal Deposit Insurance ... View the full answer