Part 1: Savings account.

Find one savings account from a "regular" bank (or credit union) and find one high-yield interest savings account (search online). You have $5,000 to invest in each bank account. Using the interest rate you found for the two types of savings accounts (and assuming you deposited no additional money in these accounts over time), how long would it take your money to double? (The bank sites should also tell you how often the interest is compounded). Which account would you rather invest in and why?

Part 2: Taking out a loan.

Find two potential banks/companies that would give you a loan for a big purchase (car, house, etc.). Calculate how much you would end up paying over the life of the loan. (The websites should give you the interest rates, and how often it is compounded). Compare and contrast each option above. Which account would you rather invest in and why? Cite your sources (links to the websites are good enough).