How Should the Johnsons Manage Their Cash? In January, Harry and Belinda Johnson had $10,660 in monetary assets: $1,100

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How Should the Johnsons Manage Their Cash?
In January, Harry and Belinda Johnson had $10,660 in monetaryassets: $1,100 in cash on hand; $1,200 in a statement savingsaccount at First Credit Union earning 1.0 percent interest; $4,000in a statement savings account at the Far West Savings Bank earning1.1 percent interest; $2,260 in Homestead Credit Union earning adividend of 1.3 percent; and $2,100 in their regular checkingaccount at First Credit Union earning 1 percent.
What specific recommendations would you give the Johnsons forselecting checking and savings accounts that will enable them toeffectively use the first and second tools of monetary assetmanagement?
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Their annual budget, cash-flow calendar, and revolving savingsfund (see Table 3-6, 3-7, 3-8) indicate that theJohnsons will have additional amounts to deposit in the comingyear. What are your recommendations for the Johnsons regarding useof a money market account? Why?
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What savings instrument would you recommend for their savings,given their objective of saving enough to purchase a new home?Support your answer.
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If the Johnsons could put most of their monetary assets($10,660) into a money market account earning 2.6 percent, how muchwould they have in the account after one year? Round your answer tothe nearest dollar.
Imagine that Harry and Belinda had some disagreements regardingtheir anniversary dinner and holiday gift spending and ended up nothaving a balanced budget for the year. Provide some advice for thecouple about how to resolve or, better, prevent such disagreementsin the future.
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