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Rufina [12.5K]
3 years ago
15

If I'd like to take 1000 and put it into a savings account for a long period of time in the hopes of earning a higher interest r

ate and making my money grow, which type of account should I choose?
Business
1 answer:
nevsk [136]3 years ago
8 0

Answer:

Fixed Deposit Account

Explanation:

Commercial Banks perform this crucial role of accepting deposits & advancing loans.

3 Types of Deposits :

Current Account - Used by businesses, has liberal depositing & withdrawal rules for payments & receipts, negligible interest by bank (rather bank charges for their service).

Savings Account - Used by households, for normal savings, has deposit & withdrawal rules less free than current account, moderate interest rate by bank.

Fixed Deposit Account - Used for Long Term savings, strict withdrawal rules before maturity (interest lost if withdrawn), high interest rate & money growth.

So, If need is to save money foe long period & letting it grow meanwhile, Fixed Deposit Account is a suitable Account.

You might be interested in
What is the current value of a future sum of money called?
Dennis_Churaev [7]

<span>Present value is the current value of a future sum of money. Present value of money is used to compute the time value of money. It is also known as ‘present discounted value’ or ‘discounted value.’ It is the worth of money now to be paid in series of payments at a certain interest rate to arrive at the future value.</span>

6 0
3 years ago
Mensa is a society for "geniuses." one way to qualify for membership is having an iq at least 2.5 standard deviations above aver
7nadin3 [17]
According to the scale, an average person would posses the mean of 100 IQ <span>and standard deviation of  15. If to be a member of mensa one should have </span><span>an iq at least 2.5 standard deviations above average, the minimum iq should be: 
</span>
2.5 = (x-100)/15

x = 137.5 >>>>> Less than 1% population belong to this IQ group or higher.


7 0
3 years ago
Read 2 more answers
The probability that Mary will win a game is 0.03, so the probability that she will not win is 0.97. If Mary wins, she will be g
valkas [14]

Answer:

Expected value of X = -11.09

Explanation:

Expected profit:

= Probability of winning × Amount she wins

= 0.03 × $180  

= 5.4

Expected loss:

= Probability of loosing × Amount she paid

= 0.97 × $17

= 16.49

Let X be amount of money Mary wins or loses.

E(X) = Expected profit - Expected loss

= 5.4 - 16.49

= -11.09

Expected value of X = -11.09

That is expected value of loss of $11.09

4 0
3 years ago
28. Callable bonds generally: A. grant the bondholder the option to call the bond any time after the deferment period. B. are ca
SIZIF [17.4K]

Answer:

E. have a sinking fund provision

Explanation:

Callable bonds are the one wherein the issuer/borrower has an option to redeem the bonds anytime after an initial stipulated period. In case of such bonds, if the issuer decides to redeem the bonds, the holders have to accept the redemption value.

Usually, when market rate of interest on such bonds falls below the coupon rate of such bonds, the issuer redeems such bonds. Thus, such bonds are beneficial to the issuer.

Call protection refers to the period within which such bonds cannot be called or redeemed.

Sinking fund provision refers to transferring a portion of money during the duration of such callable bonds to a separate reserve known as sinking fund, which is created for the purpose of redemption of funds. So when such bonds are to be called, the total money transferred to sinking fund reserve would be raised and used for payment to bondholders.

Creation of such a reserve helps the issuer avoid the pressure of lump sum payment as periodically funds are set aside for the purpose of redemption.

4 0
3 years ago
Allen Boating Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skil
jek_recluse [69]

Answer:

Direct material quantity (efficiency) variance= $60,500 unfavorable

Explanation:

Giving the following information:

Standards:

Direct​ materials: 1 pound per​ unit; $ 11 per pound

Allen produced 2,000 units during the quarter.

Direct material used= 7,500 pounds

To calculate the direct material efficiency variance, we need to use the following formula:

Direct material quantity (efficiency) variance= (standard quantity - actual quantity)*standard price

standard quantity= 2,000*1= 2,000 pounds

Direct material quantity (efficiency) variance= (2,000 - 7,500)*11

Direct material quantity (efficiency) variance= $60,500 unfavorable

It is unfavorable because the company used more materials that estimated to produce 2,000 units.

5 0
2 years ago
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