Ask your own question, for FREE!
Mathematics 19 Online
OpenStudy (anonymous):

Harold deposits $100 a month into a savings account. His bank informs him that his account has changed from earning interest compounded quarterly to interest compounded weekly. Is this good news for Harold? Justify your answer

OpenStudy (anonymous):

Yes. Because interest (interest * principal) is added to the principal ($100) at a weekly rate, rather than every quarter. Hence, more money is being "compounded".

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!