The nominal interest rate tells you Group of answer choices how fast the number of dollars in your bank account rises over time. how fast the purchasing power of your bank account rises over time. the number of dollars in your bank account today. the purchasing power of your bank account today.

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Business

Moss

17 July, 21:38

The nominal interest rate tells you Group of answer choices how fast the number of dollars in your bank account rises over time. how fast the purchasing power of your bank account rises over time. the number of dollars in your bank account today. the purchasing power of your bank account today.

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Mackenzie Hunt · Answer 1

how fast the number of dollars in your bank account rises over time.

Explanation:

A bank's nominal interest rate refers to the amount of money your bank account earns relative to your total account.

For example, if you have $10,000 in your account and the nominal interest rate is 3% annual, then you will earn $300 ( = $10,000 x 3%).

The higher the interest rate, the more your bank account will increase over time.