Home/ Questions/Q 74485
Next
In Process

Quizzma Latest Questions

In:

Tyreke has $5,000 to put into an account that earns compound interest. Which of the following is the BEST advice you can offer so that he can maximize interest?

Frankhoino

Tyreke has $5,000 to put into an account that earns compound interest. Which of the following is the BEST advice you can offer so that he can maximize interest?
Deposit your money as early as possible in an account with the highest interest rate possible




Share
    Leave an answer

    Leave an answer

    Browse

    What is the capital of Egypt? ( Cairo )

    1 Answer

    1. Quizzma Team

      The BEST advice for Tyreke to maximize interest is to deposit your money as early as possible in an account with the highest interest rate possible.

      This is because compound interest earns interest on both the initial principal and the accumulated interest from previous periods. The earlier he deposits his money, the more time it has to grow, and a higher interest rate increases the amount of interest earned. Essentially, maximizing both the time and the rate at which interest is accrued leads to greater overall returns.

    Related Questions