Fool Proof Final Exam Possible Questions | 100% Correct Answers | Verified | Latest 2024 Version

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? A.) Compounding 1 time a year B.) Compounding 4 times a year C.) Compounding monthly D.) Compounding daily - D Which of the following accounts will give you the LEAST access to your money? A.) Simple savings account B.) Certificate of Deposit (CD) C.) Checking account D.) Cash - B Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access to her money for a full year. Which type of savings account will be best for Tamara? A.) Savings Account B.) Certificate of Deposit (CD) C.) Money Market Account D.) Checking Account - B Interest is: A.) a charge for lending money to a bank B.) the amount owed for borrowing money C.) the amount added into your savings when opening a bank account D.) a charge for the convenience of accessing money stored in your bank account - B