(32.0 points)
Describe a authentic or made up but realistic circumstance that could ca ingestion you or virtuallyone you know to shake to use money from a monetary backup. (3-6 sentences. 2.0 points)
If I lose my melody and need to add up one soon the money from the financial reserve can help pay my bills. Until I get a new job because its gonna be a go to get a job. So the money from the financial reserve will help support me until I can bring more money.
How many months worth of expenses do you call your financial reserve should include? Describe at least(prenominal) ii reasons for this decision. (3-6 sentences. 2.0 points)
I think my financial reserve should at least c everywhere 5 months worth of expenses. I really think it should be that long because so it will give me some time to get things sorted out and figured out. I dont wanna be in a rush too so 5 months seems okay to handle any emergencies I watch across.
Would you earlier have a savings account that offered straightforward interest, or an account that offered compound interest? why? (3-6 sentences. 2.0 points)
Id rather have an account that offers simple interest. Since it has an interest rate of 9.6% over 6 years. While compound interest has a more frequent rate of interest than simple interest.
If you were opening a savings account with compound interest, would you prefer an account that offers one-year compounding, quarterly compounding, or routine compounding? Why? (3-6 sentences. 2.0 points)
I would prefer the account that offers quarterly compounding. I rather have it compounding quarterly than annually or daily. Also because daily is too frequent and annual is too infrequent than quarterly.
Which scheme for saving do you think would work best for you? Why? (3-6 sentences. 2.0 points)
I think trying to stay out of disturb or end up in any emergencies would be a good idea. So I wont end up wasting any money. Also trying to watch my expenses as well.
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