BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2 years
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half a year
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5 years
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1 year
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Detailed explanation-1: -AI Recommended Answer: interest rate of 1% per annum, it will triple in size every three years.
Detailed explanation-2: -You can calculate the simple interest you’ll earn in a savings account by multiplying the account balance by the interest rate by the time period the money is in the account. Note that the interest in a savings account is money you earn, not money you pay. Here’s the simple interest formula: Interest = P x R x T.
Detailed explanation-3: -A Certificate of Deposit (also known as a CD, COD, or Time Account) is a financial product that usually pays a fixed interest rate for a set period of time, ranging from a few months to several years.
Detailed explanation-4: -Fixed Deposits (FD) are investment instruments offered by banks and non-banking financial companies, where one can deposit money for a higher rate of interest than savings accounts. These deposits, hence, offer the highest rate of interest, ranging from 4 to 7.