Answered

Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently. Experience the convenience of finding accurate answers to your questions from knowledgeable experts 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


We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.