Savings Options - Emily Morris
Savings Options
Go to the following website to different savings options.
The Mint – It makes cents
Review
• Investing and Interest
• Savings Accounts
• Certificates of Deposit
• Bank Money Market Account
• US Savings Bonds
1. If you saved $500 a year for 10 years in a savings account (3%), how much would you have after 10 years? ____5,903.90_______
2. If you saved $500 a year for 10 years in a Certificate of deposit (4.94%), how much would you have after 10 years? ____$6581.17______
3. It is best to find an interest that is compounded (daily, monthly, quarterly, yearly).
4. Savings accounts are extremely liquid. (True/False)
5. Interest on CD’s is (fixed/variable) ___________?
6. The longer you keep money in a CD, the (higher/lower) __ the rate of return will be.
7. The interest rate on a money market account changes (daily/weekly/monthly/yearly).
8. There is usually no minimum balance for a money market account. (True/False)
9. When you buy EE bonds, you pay (1/4, ½, full) value for the bond.
10. Savings bonds are fairly risky. (True/False)
11. What is the Rule of 72? You take 72 divided by your rate of return that will be how long it will take to double your money
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