Answer: Compounding Frequency
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compound interest ex: what happens to your money when your account earns compound interest 4 times a year at a rate of 2%?
Selecting an account with a high interest rate and leaving his money in the account for long period of time. ... compound interest ex: what happens to your money when your account earns compound interest 4 times a year at a rate of 2% ?
What Kind of Investment Accounts Earn Compound Interest ? ... and if you have $1 030 in your account the next year you'll collect 3% of that or $30.90. ... you start with $5 000 or $10 000 and if ...
What happens to compound interest the longer you have it collecting interest ? ... 2 . Divide 72 by interest rate . 3. ex . 72/ 4 = 18. It will take 18 years for money to double with a 4 % interest rate . Savings vehicle. bank used to hold your money as opposed to a transaction account . ... Money Market Account .
To see for yourself divide 72 by the account ’s annual interest rate . In the example above divide 72 (the total at year 25) by 2 which means it will take 36 years to double your $10 000 at a 0.02 annual interest rate . If you chose an account that pays 6% interest you can double your money in just 9 years. Making Compound Interest Work for You
Mon Jun 24 2019 · Your savings can really build momentum when you leave the interest in your account – you’ll earn interest on your original deposit as well as the interest added to your account . Earning interest on top of interest you earned previously is known as compound interest .
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