03-02_task (4)

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Name: Havannah Mcilwain Date: 12/3/23 School: WCHS Facilitator: Woody Baughn 3.02 INTEREST Total Points: 50 P ART I Calculating Simple Interest - Calculate Simple Interest given the following information. Round to the nearest dollar. Reminder that the formula for simple interest is i=prt. Try calculating the example to ensure your understanding. Principal Rate Time Interest Example: $100 1% 2 years = 100 x .01 x 2 Answer = $2 1. $200 2% 1 year $4 2. $500 4% 1 year $20 3. $900 5% 1 year $45 4. $600 7% 1 year $42 5. $800 2% 1 year $16 6. $2,350 8% 2 years $376 P ART II Calculating Compound Interest - calculate the future value of the following investments. You may use the Compound Interest Calculator linked on the Task page. Be sure to change it from annually to daily. Try calculating the example to ensure your understanding. © ACCESS Virtual Learning 2022

Principal Monthly addition Years to Grow Interest Rate Compounding Times Future Value Example: $1,000 $150 15 4% 365 (daily) $38,814.71 1. $1,000 $100 30 6% 365 $293,437.6 2 2. $10,000 $50 25 4% 365 $74,086.77 3. $500 $250 40 7% 365 $1,876,468 .17 4. $20,000 $400 35 6.5% 365 $2,198,317 .84 5. $1,500 $500 45 8% 365 $2,623,579 .89 P ART III Using the Rule of 72 - Using the Rule of 72, calculate how long an investment will double at a given interest rate. Reminder, the formula is time = 72 / interest rate. Try calculating the example to ensure your understanding. © ACCESS Virtual Learning 2022

Interest Rate Time (in years) 1% = 72 / 1 Answer: 72 years 2% 36 years 3% 24 years 4% 18 years 5% 14.4 years 6% 12 years 7% 10.3 years 8% 9 years 9% 8 years 10% 7.2 years P ART IV Reflection - Answer the following questions: 1. Now that you know more about simple and compound interest, explain how your feelings about saving have changed. © ACCESS Virtual Learning 2022

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Answer Learning about simple and compound interest has definitely changed my perspective on saving. Its made me even more excited about saving because I now understand how my money can grow over time. Seeing how compound interest can significantly increase the value of my savings motivates me to save even more. Its like watching my money work for me and grow on its own. 2. Give two pieces of saving advice to your 21-year-old self. Answer start saving money now and create a budget. © ACCESS Virtual Learning 2022

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