ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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selecting an account with a higher interest rate
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leaving his money in the account for long period of time
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transferring money into his checking account each month
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both a & b
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Detailed explanation-1: -Which of the following actions would enable him to earn MORE interest? ASelecting an account with a high interest rate.
Detailed explanation-2: -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.
Detailed explanation-3: -Learn to budget and understand your finances. Get out of debt. Create a designated savings account. Automate your savings. Automate your bills. Put a spending limit on your card. Use the envelope budgeting system. Cut back on rent. More items •12-Aug-2022
Detailed explanation-4: -Interest rate. Minimum cash balance. Presence or network of the bank/financial institution. Service charges / ancillary fees. Debit-card deals. Doorstep banking facilities. Disclaimer: Copyright Kotak Mahindra Bank Ltd.