Which savings account will earn you the least money everfi

Posted By Admin @ September 03, 2022

Question:

Which savings account will earn you the least money?

One that earns simple interest daily.
One that compounds interest daily.
One that earns simple interest monthly.
One that compounds interest monthly

Answer:

Answer:

C. One that earns simple interest monthly.

Explanation:

The savings account produces interest revenues. It can produce either simple interest or compounding interest. Among those, compounding interest rates generate more interest than simple interest. Therefore, simple interest can generate low interest. Therefore, options B and D are incorrect.

Option A is incorrect also because if we get daily interest from the savings account, it will create more revenues. On the other hand, as we get monthly interest, we will receive a one-time payment. Therefore, Option C is correct, and it pays the least money.

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