Project 1math final paper

Project 1math final paper - Project 1Investments Tabitha...

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Project 1- Investments Tabitha Floyd MAT126: Survey of Mathematical Methods Instructor: Kerri Dopart December 21st, 2010
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Project 1- Investments You have a thousand dollars and you would like to invest it for later use. The first thing you must decide is what you are looking for. There are long term, short term, high risk and low risk. The best thing you can do is look at all your options and see what you feel most comfortable with. There are four options we are going to look at certificate of deposit, money market account, passbook accounts and checking account. Certificate of deposit or other wise known as CDs are time deposits. That means that the CD has a specific, fixed term. They are often three months, six months, or one to five years, and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest. Then you have your money market account these accounts are a type of savings account offered by banks and credit unions just like regular savings accounts. The difference is that they usually pay higher interest, have higher minimum balance requirements. In most cases you have to invest $1000-$2500, and only allow three to six withdrawals per month. Another difference is that, similar to a checking account, many money market accounts will let you write up to three checks each month. Way better than checking account, allows you to do the same as checking account but it earns interest on funds deposited. Next, you have your passport accounts. Passport accounts account is a savings account where all record of credits and debits, including deposits, withdrawals, and interest, are recorded on a passbook usually kept by the account holder. Passbooks are routinely updated with the necessary information by the bank.
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This type of account is well suited for those depositors who transact infrequently on their account and who don't have a need for a monthly statement. The last type of investment is a checking account is a service provided by financial
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Project 1math final paper - Project 1Investments Tabitha...

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