Why is it important to compare savings accounts to get the best interest rate?

1 answer:

3 0

1.Minimum Balance. A low or no minimum balance requirement helps you save money from day one. Some accounts can be opened with as little as $1 and require no minimum balance.

2. Monthly Fee. Many banks charge a monthly maintenance or service fee for their accounts, especially if your balance dips below a required minimum. Look for an account with no monthly fees.

3. Online Transfers between Accounts. A major advantage to using a savings account is the ability to access your money whenever you want. That includes transactions from the comfort of your home. You should be able to easily transfer funds between your checking and savings accounts online.

4. Automatic Savings Transfers. The best savings tool makes saving money as painless as possible. Some accounts will let you set up an automatic transfer of funds from your checking account at regular intervals. This feature helps you save money before you are tempted to spend it.

5. Security. Shop only for those savings accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). This protects your account balance up to $250,000 in the event of a financial catastrophe.

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Suppose two athletes each sign 10-year contracts for $80 million. In one case, we’re told that the $80 million will be paid in 1

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Answer:

The athlete with equal installments got the better deal.

Explanation:

Two athletes each sign 10-year contracts for $80 million.

In one case, we’re told that the $80 million will be paid in 10 equal installments.

In the other case, the $80 million will be paid in 10 installments, but the installments will increase by 5 percent per year.

The one with equal installments will get $8 million every year.

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Suppose an economist tests the theory that when the price of leather increases, fewer pairs of shoes are produced. He observes m

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b. cannot test his theory because his observations violate the ceteris paribus assumption

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Leather and Shoes are complimentary goods in the sense that leather serves as an input for the product i.e shoes. So if the price of leather rises, production of shoes would fall, keeping other factors constant.

When the price of an input rises, the quantity supplied falls, keeping other factors affecting supply as constant.

In the given case, the price of inputs has increased and yet the production of shoes has increased owing to an advancement in the technology. Technology is a different determinant of quantity supplied and considered as an other factor affecting supply.

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<span>Crystal corporation makes $2,000 payments every month for leasing office equipment. Crystal recorded a lease payment as an operating lease.

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</span>

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