Title: organizing and managing
|Date:||August 6, 2006|
|Length:||3 / 682|
|No of views:||0|
|Essay rating:||good 0, average 0, bad 0 (total score: 0)|
Assuming the best case scenario with the interest being compounded quarterly this is what they accumulate in one year:
Money Market Account
$5500.00 @ 4% = $220.00
$5220.00 @ 4% = 208.80 + 5220.00 = $5428.80
$5428.80 @ 4% = 217.15 + 5428.80 = $5645...
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Using a balance of $2500 and 3% interest with the NOW account and the same way of compounding the interest they will have accumulated and extra $313.77. The total of the two will be $1184.96 per year.
Remember that after the monthly expenses they still had $1800 left...
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