Question

Aaron wants to open a savings account. Which account will grow his money the most?

A. Account 1: Interest rate 2%, interest compounded daily
B. Account 2: Interest rate 1%, interest compounded daily
C. Account 3: Interest rate 2%, interest compounded monthly
D. Account 4: Interest rate 1%, interest compounded annually

Please help me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

Answer 1

Savings account is an account only used for saving money. This acts as an emergency source of funding for an individual. Answer A would result in the money in his account to grow as it specifically states that interest is compounded daily at the rate of 2%