Savings account and how it works Welcome to your Savings account and how it works Quiz Please click "Next" How much money You invest $300 into the savings account that pays 2% simple annual interest. How much money will you have in 3 years?$ Transactions When you have a savings account and want to use it to pay for something, a bank may charge you for transactions. Your bank allows 3 free transactions per month and then it is $0.10 per each additional transaction. This month you have made 6 transactions from your savings account. How much will the bank charge you for those transactions?$ Accessing your account When you open a savings account you receive a card that allows you to withdraw money from your account. What is the name of that card? a debit card a credit card a points card Keeping track of your finances Every month the financial institution sends you a summary of what you have in your savings account, how much interest the investment gains, etc. What is that summary called? A monthly bill A monthly statement A monthly inquiry How much money The financial institution where you have your savings account offers a compound annual interest of 1% on your investment. It means that you earn interest on interest amount + the initial amount. So, if you invest $500 initially and earn 1% in the first year compounded annually, how much money will you have at the end of the second year at the same interest rate?$ Time is Up! Time's up