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- EverFi Final Test
by JoelL, Nov. 2016
Subjects: Social Studies
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Interest is...
The amount owed for borrowing money.
To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate.
Compound; highest
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest?
Selecting an account with a high interest rate and leaving his money in the account for long period of time
You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?