In 2007, the FDIC’s insurance limit was $100,000 per person per bank. At that time, if Kit had three separate $50,000 CDs at Bank R, a $60,000 checking account and a $140,000 money market account at Bank S, and an $80,000 savings account at Bank T, how much of Kit’s money was FDIC insured?

FDIC coverage is limited to $100,000 per person at each bank, so accounts at the same bank are combined. At Bank R, $150,000 in CDs means $100,000 is insured; at Bank S, the checking and money market accounts total $200,000, so $100,000 is insured; and the $80,000 at Bank T is fully insured. The total insured is $100,000 + $100,000 + $80,000 = $280,000, choice b.

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