How are you helping businesses expand when you put money in a savings account?
4 answers
You're not.
The only business you're helping is the bank that makes money from your savings account.
well the 3 choices are...
The interest you earn can be spent at local businesses.
Banks lend your saved money to businesses to help them expand.
By learning to save, you are increasing your value as a worker.
The interest you earn can be spent at local businesses.
Banks lend your saved money to businesses to help them expand.
By learning to save, you are increasing your value as a worker.
I don't like any of your choices. But your teacher is probably looking for the middle choice.
Since savings accounts earn less than 1% interest per year, you'd have to have $10,000 in the account to have $100 to spend a year.
Since savings accounts earn less than 1% interest per year, you'd have to have $10,000 in the account to have $100 to spend a year.