Savings account and how it works Welcome to your Savings account and how it worksPlease click "Next"How much moneyYou invest $300 into the savings account that pays 2% simple annual interest.How much money will you have in 3 years?$ TransactionsWhen 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 accountWhen 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 carda credit carda points cardKeeping track of your financesEvery 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 billA monthly statementA monthly inquiryHow much moneyThe 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!