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Laurent saves money from his lawn service to buy a new $20,000 mower and trailer. He would like to buy the new equipment as soon as possible but only has $12,000 in his simple interest savings account.
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Laurent saves money from his lawn service to buy a new $20,000 mower and trailer. He would like to buy the new equipment as soon as possible but only has $12,000 in his simple interest savings account. To reach his goal sooner, Laurent should

User Howl
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1 Answer

6 votes

Answer:

Laurent should invest in compound interest account.

Step-by-step explanation:

Compound growth helps the assets rise quicker although interest is based on the accrued interest charges and also on the initial principal. Compound interest will produce a domino affect, when the initial money plus the profits received from those contributions expand together.

User Jim Wartnick
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