Biltmore Financial is a banking services company that offers many different ty

Biltmore Financial is a banking services company that offers many different types of checking accounts. The bank has recently adopted an activity-based costing
system to assign costs to their various types of checking accounts. The following data relate to the money market checking accounts one of the popular
checking accounts and the ABC cost pools: Annual number of accounts = 60000 accounts Checking account cost pools: Cost Pool Cost Cost Drivers Returned check
costs $3000000 Number of returned checks Checking account reconciliation costs 60000. Number of account reconciliation requests New account setup 650000
Number of new accounts Copies of cancelled checks 400000 Number of cancelled check copy requests Online banking web site maintenance 195000 Per product group
(type of account) Total checking account costs $4305000 Annual activity information related to cost drivers: Cost Pool All Products Money Market Checking
Returned check 200000 returned checks 18000 Check reconciliation costs 3000 checking account 420 New accounts 60000 new accounts 15000 Cancelled check
copy requests 100000 cancelled check 60000 Web site costs 10 types of accounts 1

Calculate the overhead cost per account for the Money Market Checking.

a. $68.50 b. $71.75 c. $3.26 d. $11.67