The correct option c. deposit the money in several banks, not putting too much money in any one.
<h3>Define the term interest rates?</h3>
- The sum a lender charges a loan is called an interest rate, and it is expressed as a proportion of the principal, or the loaned amount.
- Typically, a loan's interest rate is expressed as an annual percentage rate, or APR (APR).
Several situations call for having multiple bank accounts, including:
- Budgeting: It could be simpler to stick to a budget if you have several bank accounts than just one. You can divide home funds from personal earnings and spending savings money by using multiple accounts.
- tracking financial targets: Having various bank accounts may make it easier to keep track of individual financial objectives.
- dividing up finances. Multiple bank deposits can let you spend and conserve in a manner that is ideal for your relationship for spouses other domestic partners who choose to divide household finances.
- educating children about money: Create a joint savings account with one your kids to help them teach them wise financial practices like budgeting.
Thus, if Rex needs to save several hundred thousand dollars, and he wants to do so as safely as he can. Rex should then make his money safe by depositing it in a number of banks, but not too many of them.
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