How does the amount of money in your savings account grow over time?(1 point) Responses

Question

How does the amount of money in your savings account grow over time?(1 point) Responses

Banks who are insured through FDIC add money to your savings account each month.
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Money from your checking account is automatically moved into your savings account every month.

Money in your savings account earns a certain amount of principal each year.
You can earn interest on the money you keep in your savings

Answer 1

account each month. This interest is typically calculated based on the annual percentage yield (APY) set by the bank. The more money you have in your savings account and the higher the APY, the more your savings will grow over time. Additionally, some banks offer compound interest, where your interest earnings are added back into your account, allowing you to earn interest on your interest. This can lead to exponential growth of your savings over time.

Answer 2

whats the answer

Answer 3

Money in your savings account earns a certain amount of principal each year. You can earn interest on the money you keep in your savings account each month.