Question
Ho is now saving his money HK$2000 per month in a regular savings account of HSBC which offers him interest rate of 4%p.a. compound monthly.
Ho is now saving his money HK$2000 per month in a regular savings account of HSBC which offers him interest rate of 4%p.a. compound monthly.
A bank teller suggest him to setup a monthly saving plan. The details are as follow
- Maturity of 5 years
- Fixed interest rate 8%p.a. compound quarterly
- A handling fee equivalent to 2% of the total investment amount for early withdrawal
If he needs to use the money 4 years from now, should he take the offer?
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The Legal Environment Today Summarized Case Edition
Authors: Roger LeRoy Miller
8th Edition
130526276X, 978-1305279407, 1305279409, 978-1305704930, 1305704932, 978-1305262768
