16. Tauriel deposited a certain amount on a savings account that earns compound interest on the last day of each month. If she decided to withdraw her savings when would be best to do it to maximize the savings?

16. Tauriel deposited a certain amount on a savings account that earns compound interest on the last day of each month. If she decided to withdraw her savings when would be best to do it to maximize the savings?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

16. Tauriel deposited a certain amount on a savings account that earns compound interest on the last day of each
month. If she decided to withdraw her savings when would be best to do it to maximize the savings?
A. On the first day of the month.
B. On the last day of the month.
C. Just before the last day of the month.
D. At any time of the month.

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