Savings Options
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? $6,581.17
3. It is best to find an interest that is compounded (daily, monthly, quarterly, yearly).
Daily
4. Savings accounts are extremely liquid. (True/False)
True
5. Interest on CD’s is (fixed/variable)
Variable
6. The longer you keep money in a CD, the (higher/lower) higher the rate of return will be.
7. The interest rate on a money market account changes Daily (daily/weekly/monthly/yearly).
8. There is usually no minimum balance for a money market account. (True/False)
False
9. When you buy EE bonds, you pay (1/4, ½, full) value for the bond.
½
10. Savings bonds are fairly risky. (True/False)
True
11. What is the Rule of 72?
This is a quick way to calculate how long it will take to double your money. You take the interest rate you expect to earn and divide it into 72. If you expect a return of 6%, 72/ 6 = 12, it will take 12 years to double your money.
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