2 /Problem 7-37 Customers as a Cost Object Security National Bank has requested an analysis of chequing account profitability by customer type. Customers are categorized according to the size of their account: low balances, medium balances, and high balances. The activities associated with the three different customer categoris and their associated annual costs are as follows: Opening and closing accounts Issuing monthly statements Processing transactions S 300,000 500,000 2,600,000 600,000 2,175,000 $6,175,000 inquiries eller machine Providing automated teller machine (ATM) services Total cost Additional data concerning the usage of the activities by the various customers are also provided: Account Balance High 3.500 650,000 150,000 75,000 22,000,000 3,000,000 700,000 1,500,000 750,000 550,000 1,650,000 300,000 65,000 5,500 Low Medium Number of accounts opened/closed Number of statements issued Processing transactions Number of telephone minutes Number of ATM transactions Number of chequing accounts 25,000 5,000 46,000 9,500 Required: Round answers to two decimal places. 1. Calculate a cost per account per year by dividing the total cost of processing and maintaining chequing accounts by the total number of accounts. What is the average fee per month that the bank should charge to cover the costs incurred because of chequing accounts