I have an assignment that i have to hand in tomorrow, but i couldn't understand something that really confuses me.
they are four saving accounts and you should chose one of them. i want to invest 12000 for a year.
Saving Account one: has an interest rate of 1.5% compound interest is calculated on the minumim balance in the account each day and is paid monthly.
Saving account 2: has an interest of 2% compound interest is calculated on the minimum balance in the account during the month and is paid monthly.
Saving account 3: has an interest of 2.5 % compound interest is calculated on the minimum monthly balance and paid monthly, but only when the balance remains above 10000 for the whole month. if the balance drops below 5000 at any time durimg the month. mo interest is paid for that month
Saving account 4: has an interest of 2.80 compound is calculated on the minimum balance in the account during the siz month periods ending April 30 and October31 and is paid on those dates.
a-how much interest you can accumulate for one year on each saving account?
b-which saving account would pay the most interest?
c- if you withraw 3500 after 10 months, which saving account would pay the most interest?
they are four saving accounts and you should chose one of them. i want to invest 12000 for a year.
Saving Account one: has an interest rate of 1.5% compound interest is calculated on the minumim balance in the account each day and is paid monthly.
Saving account 2: has an interest of 2% compound interest is calculated on the minimum balance in the account during the month and is paid monthly.
Saving account 3: has an interest of 2.5 % compound interest is calculated on the minimum monthly balance and paid monthly, but only when the balance remains above 10000 for the whole month. if the balance drops below 5000 at any time durimg the month. mo interest is paid for that month
Saving account 4: has an interest of 2.80 compound is calculated on the minimum balance in the account during the siz month periods ending April 30 and October31 and is paid on those dates.
a-how much interest you can accumulate for one year on each saving account?
b-which saving account would pay the most interest?
c- if you withraw 3500 after 10 months, which saving account would pay the most interest?
