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 a long period of time
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transferring money into his checking account each month
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higher interest rate AND leaving money in for a longer time
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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: -The four factors that can affect the amount of interest on a savings account is the total amount deposited, the time span of the deposit, the interest rate, and the interest type.
Detailed explanation-3: -Certificates Of Deposit With The Highest Interest Rates A CD is a type of savings account that typically offers a higher interest rate than a traditional one. And while the interest rate on CDs can vary, some offer rates as high as 5.00% APY.
Detailed explanation-4: -Switch to a high-interest savings account. Consider a rewards checking account. Take advantage of bank bonuses. Try a money market account. Check with your local credit union. More items •16-Dec-2022