Suppose you've just inherited $66,000 from your rich Aunt. You're trying to decide whether to keep the $66,000 in cash so that you can use it for transactions or to deposit the entire amount in a savings account for one year. Suppose that the interest rate on a savings account is 2.5% per year. What would be the opportunity cost of holding the $66,000 as money

Answer:

Opportunity cost of holding the money = $1.650

Explanation:

Opportunity cost is the value of the next best alternative sacrificed in favour of a decision.

The opportunity cost of holding the money is the interest on deposit that would be have been earned should it be invested at the savings rate.

Interest on savings deposit = interest rate × deposit

                                         = 2.5%× 66,000= $1,650

Opportunity cost of holding the money = $1.650

The opportunity cost of holding the money is $1,650.

Opportunity cost can be described as the cost of the next best option forgone when one alternative is chosen over other alternatives. The opportunity cost of holding the cash is the interest on the deposit that would be forgone.

Interest rate = amount deposited x interest rate

$66,000 x 2.5%

= $66,000 x 0.025 = $1,650

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