Step 2: Once you have completed the 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.