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Different kinds of savings vehicles include (circle all that apply):A Savings AccountA Checking AccountA Money Market AccountA Certificate of Deposit When you open a savings account, which of the following actions will allow you to earn more interest (check all that apply)?Select an account with a high interest rate that compoundsLeaving money in the account for a long period of timeTransferring money into checking every monthWhich compounding frequency will earn you the most money?Compounding once a yearCompounding quarterlyCompounding monthlyCompounding dailyThe Rule of 72 gives you an ________________ of the time it will take for your money to _______________ at a given interest rate. This formula is useful for financial estimates and understanding the nature of compound interest.At 6% interest, your money takes _____________ to double.To double your money in 10 years, get an interest rate of ________ or _______%.If your country’s GDP grows at 3% a year, the economy doubles in ______ or _______ years.If your growth slips to 2%, it will double in _______ years. If growth increases to 4%, the economy doubles in ______ years. You can also use the rule of 72 for expenses like inflation or interest:If inflation rates go from 2% to 3%, your money will lose half its value in ______or ______ years.If college tuition increases at 5% per year (which is faster than inflation), tuition costs will double in _______ or about _______ years. If you pay 15% interest on your credit cards, the amount you owe will double in only ________ or ________ years!You can calculate the amount your money will grow when compounded “n” times a year by using the formula: _______________________If you put $500 in a savings account with 3% APR (annual percentage rate – simple interest) for 4 years, how much would you have with compound interest?If you put $1500 in a money market account with an interest rate of 4% compounded quarterly, how much would you have with compound interest in 3 years?8)0000Scenario 1: Your current balance in your checking account it $500.00. You make a deposit of $765.50. You write check #106 to Chase VISA for $632.75 and check #108 to Verizon Wireless for $72.43. You also take out $40 from the ATM. Write the checks below and record all transactions on your checkbook ledger at the top of the page.600075863600060007516256000Scenario 2: While you are out of town, you deposit another check for $230.66 at the ATM machine and take out another $20. Additionally, you write another check #109 to the Holiday Inn for $83.24. Record these transactions in your checkbook ledger.9) Identify the routing number, the bank account number and the check number in the checks above.What are the different kinds of fees you can incur while banking? What strategy for checking your checking account register with your actual bank transactions must you use in order to avoid ay penalties?Compare and contrast the Checking Accounts, Savings Accounts, Money Market Accounts and Certificates of Deposit.Checking AccountsSavings AccountsMoney Market AccountsCertificate of Deposit (CDs)12) Compare and contrast credit and debit cards.Credit CardsDebit CardsPayment by:Interest:Credit Rating:Fraud Protection:Affordability:Transaction Method:Resources HYPERLINK "" \t "_blank" ................
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