Rick is looking to put some money in a savings account with a 3.8% interest rate. he currently has $4,780 saved, and he is trying to save $5,800. what else does rick need to know in order to determine which savings account to choose?

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12-03-2018
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Rick is looking to put some money in a savings account with a 3.8% interest rate. he currently has $4,780 saved, and he is trying to save $5,800. what else does rick need to know in order to determine which savings account to choose?

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CastleRook CastleRook · Answer 1 · 2018-03-21T17:02:26+01:00

Interest rate is only sufficient if the time component is known, this means that for us to know the value of any particular amount, we need to know the time at which the rate of interest is applicable. In our case Rick has been given interest rate of 3.8% on a savings account, this will be of little help to him until he has been informed about the time line of the interest rate which help him calculate the time value of money. The remaining information that Rick should ask is the interest rate applicable on quarterly basis, semi-annual or annual basis.