A friend was left $50,000 by his uncle. he has decided to put it into a saving account for the next year or so. He finds there are varying interest rates at savings institution:

4.375 % compounded annually
4.25% compounded quarterly
4.125% compounded continuously.

He wishes to select the savings institution that will give him the highest return on his money. What interest rate should he select?

Question

17-06-2024
Business

Answered

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A friend was left $50,000 by his uncle. he has decided to put it into a saving account for the next year or so. He finds there are varying interest rates at savings institution:

4.375 % compounded annually
4.25% compounded quarterly
4.125% compounded continuously.

He wishes to select the savings institution that will give him the highest return on his money. What interest rate should he select?

Sagot :

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