You are a teller at a bank. A customer has come in asking toopen a savings accou

You are a teller at a bank. A customer has come in asking toopen a savings account one of the many kinds of accounts that youhandle. After determining that the customer wants a passbooksavings rather than a certificate of deposit you remind thecustomer that all accounts are FDIC insured. You assign a uniqueaccount number and accept the customers initial deposit. Youexplain that while all accounts earn some form of interest thisspecific savings account is compounded quarterly. The interest willappear automatically on the monthly statement. The customer now candeposit and withdraw from the account.