ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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WARM UP What is the correct definition of interest?
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money paid to you by a bank for the money you have in a bank account
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put into a bank account
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to borrow something
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None of the above
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Explanation:
Detailed explanation-1: -Interest on a savings account is the amount of money a bank or financial institution pays a depositor for holding their money with the bank. In a way, a bank borrows money from their depositors by using the deposited funds to lend money to other customers.
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