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Everfi Final Study Guide
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What three things offer a wide variety of services and account types?
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Retail banks, credit unions & online banks offer a wide variety of services and account types.
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Terms in this set (73)
What three things offer a wide variety of services and account types?
Retail banks, credit unions & online banks offer a wide variety of services and account types.
Who owns credit unions?
They are owned and controlled by their members
What savings vehicles pay higher interest rates but also require higher minimum balances?
Certificates of Deposit (CDs) and Money Market Accounts (MMAs)
What is the Rule of 72 and how do you calculate it?
way to estimate how long it will take your money to double, divide 72 by the annual rate of return
How does compounding the money more frequently earn you more?
The more frequently your interest compounds, the more interest you will earn over time. Simple interest accounts compound only once per year.
