Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

30. When investing money in a bank account, in which situation will you have the most money in your account at the end of five years?

A. Compounded semiannually
B. Compounded quarterly
C. Compounded weekly
D. Compounded monthly

Sagot :

GinnyAnswer

Final answer:

Compounding daily results in the highest account balance over five years.


Explanation:

Compounded daily would result in having the most money in your account at the end of five years. The more frequent the compounding period, the higher the amount due to earning interest more frequently. For example, if $1,000 is compounded daily at a 12% interest rate, it would yield more than if compounded quarterly, monthly, or semiannually.


Learn more about Compound Interest here:

https://brainly.com/question/14295570


Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.