Question

The more frequent the compounding, the less a person will earn on a savings account. True false

Answer 1

The more frequent the compounding, the less a person will earn on a savings account is a false statement.  

Explanation:

• Compounding, in fact, magnifies the given rate on the growth of principle. More the frequency the greater the impact. Annual compounding has no far significant effect on saving account however if done monthly interest is added to the final balance thereby increasing future value on a savings account.
• Weekly compounding also enhanced impact. If done on a daily basis effect on the future value is not much noticeable because it lies almost the same made on continues. Hence frequency plays a major role in enhancing the earnings.

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