[Answer] compound interest ex: what happens to your money when your account earns compound interest 4 times a year at a rate of 2%?

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. John just opened a savings account and wants to maximize the amount of interest he earns . That interest can be paid on a simple or compound basis. Simple interest works like this: Let's say you deposit $1 000 in a savings account that's paying 10 % interest. (Wouldn't that be nice!) That means you'll collect 10% of your deposit in interest each year. If you have $1 000 in an account that pays you 3% simple interest annually you'll collect $30 each year. If the interest is compound then you will...

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