You are a teller at abank. A customer has come in asking to open a savings accou

You are a teller at abank. A customer has come in asking to open a savings account oneof the manykinds of accounts that you handle. After determining that thecustomer wants apassbook savings rather than a certificate of deposit you remindthe customerthat all accounts are FDIC insured. You assign a unique accountnumber andaccept the customers initial deposit. You explain that while allaccounts earnsome form of interest this specific savings account is compoundedquarterly.The interest will appear automatically on the monthly statement.The customernow can deposit and withdraw from the account.