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Finding Your Best Bank ***********Goodwriter Only************
For this assignment, you will take on the role of a personal financial advisor and create a personal financial portfolio.
Step 1: Using the large National Bank, the Regional/Local Bank, and the Credit Union you identified in the Module 1 Assignment 2, compare and contrast each institution by completing the Module 3 Assignment 2 template.
Step 2: Once you have completed the Module 3 Assignment 2 template, create a financial portfolio. This financial portfolio is a professional one. Please follow the following instructions when preparing it:
- Identify, describe, and explain the financial institution that would be the best fit for you. Be sure to justify your selection by referencing the information collected in your completed template.
- Identify, describe, and explain which type of saving account would best fit your current financial position. Be sure to justify your selection by referencing the information collected in your completed template.
- Analyze the following situation and answer the questions below:
After choosing a savings account with a 3% interest rate, you decide to invest $5,000 into the savings account.
Using the future value calculation, determine at an interest rate of 3%, what would be your total balance available at the end of five years if you leave the $5,000 untouched. Show your calculations, as well as, your answer in your portfolio.
How will this interest earned be reported on your federal income tax returns?
- Be sure to include the following in your financial portfolio:
Contact information for the financial institutions
Show all steps of your future value calculations in Excel or Word format.
Support your statements with examples and at least three scholarly references.
Your financial portfolio should be presented as a 3–4-page paper in Word format. Be sure to also include the template you completed for step 1 of the assignment. Apply APA standards to citation of sources.