- You have $7,500 to invest.
- Find a current interest rate for each of the following types of bank accounts.
- Check a few different banks and find the best rate you can find for each
- In your presentation/report, include the names of the bank(s), the date of the interest rate quote, and preferably a screenshot of the information on their website
- Checking account
- Money market account
- 5-year Certificate of Deposit (CD)
- Research the characteristics of each type of account. Are there any limitations on withdrawals?
- Assume each account has interest compounded monthly and will stay constant. Find the total amount you would have in each account and the amount of interest earned after:
- 1 year
- 6 years
- 25 years
- Hint: Amount of interest = Total amount – $7,500
- Present the information above as a chart. Also describe how you did the calculation for the total amount – Did you use the compound interest formula, an online financial calculator (which one), etc.
- What are the advantages and disadvantages of each type of account?
- Which account would you choose for yourself, and why?
+1 (562) 583-1288
support@essayhandler.info
