ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$769.40
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$335.56
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$76.94
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$68.52
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Detailed explanation-1: -What is the main difference between simple interest and compound interest? Simple interest is computed on the principal amount or loan amount whereas compound interest is computed based on the principal amount as well as the interest accumulated for a certain period or previous period.
Detailed explanation-2: -If you’re looking for a safe investment with a solid return, you may want to consider a certificate of deposit (CD). 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-3: -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. Consider certificates of deposit. Build a CD ladder. Consider buying bonds. More items •16-Dec-2022