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vivado [14]
3 years ago
11

PLEASE HELP NOW!!! Why is a higher interest rate important when saving money?

Business
1 answer:
Fynjy0 [20]3 years ago
8 0
B.) It grows savings at a faster pace.

The interest rate determines how much money a bank pays you to keep your funds on deposit. Suppose you deposit $5,000 into a savings account, don’t deposit or withdraw any more money and the interest rate doesn’t change. If the account has a 1.00% interest rate and the interest compounds annually—that is, the bank pays you interest on your balance once each year—you’ll earn $50 after the first year. -Discover.com
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The correct answer is letter "D": you have experience related to the product.

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