Nirav recently opened a savings account offering 2% annual compound interest, this means that Nirav will earn the same amount of interest each year for four years.
What is a saving account?
An account at a retail bank is formally called as a savings account. This is a type of account that person granted a person that his money is safe in a particular bank. Refer to the image below for the complete question.
The given case tells about that what would be the impact of savings account offering 2% annual compound interest on Nirav, then he will earn the same amount of interest compounded each year for four years.
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