ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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compound; lowest
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compound; highest
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simple; lowest
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simple; highest
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Detailed explanation-1: -High-yield fixed deposits are a form of savings account that earns a greater rate of interest than a conventional savings account while still being protected by the FDIC. Because it normally needs a bigger initial payment and accessibility to the bank is limited, it earns more money.
Detailed explanation-2: -A compound interest account pays interest on both your initial investment plus any interest previously accrued. This interest-upon-interest appreciation is the “compounding” factor that grows with time. Simple interest accounts, on the other hand, only pay interest on the original principal.
Detailed explanation-3: -In savings accounts, interest can be compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point. The more frequently interest is added to your balance, the faster your savings will grow.
Detailed explanation-4: -UFB Direct-4.55% APY. Popular Direct-4.40% APY. MySavingsDirect-4.35% APY. Bask Bank-4.25% APY. Bread Savings-4.25% APY. Salem Five Direct-4.10% APY. TAB Bank-4.06% APY. CIT Bank-4.05% APY. More items
Detailed explanation-5: -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