00:01
So we've got to be looking at savings instruments and we have the lady here who happens to want to purchase an automobile at the later date.
00:13
But she wants to make sure she buys the car after going through a series of savings that will enable her to purchase the vehicle without pressure of debt.
00:27
So she deposits her paycheck each week in the checking account.
00:32
She plans to buy a car in the next year, so she decides to start saving $100 each month to pay for it.
00:39
She doesn't want to have, you know, to remember to make the deposit each month.
00:46
What savings instruments would help would help her.
00:50
Okay, so these options that are, that have been provided, but but one would quickly note that a regular savings account could actually assist, but a special arrangement can be made by the bank to have a facility known as a fixed deposit.
01:15
You can actually within the service account have the facility of a fixed deposit account...