Answered

Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A 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 hope this was helpful. Please come back whenever you need more information or answers to your queries. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.