Module 4 Activity Sheet: Savings Calculator Name: Directions: Use the savings calculator from Nerd Wallet to fill in the chart. Scenario: You earn $100 per month and want to save 10% in a savings account. 1. How much will your monthly contribution be? Enter your response in the chart. 2. Use the savings calculator to find out how much your total savings would be in 1 year if your account has an annual interest rate of 1%. What would your total savings be in 5 years? 3. You decide to increase your savings to 20%. Fill in the 2nd column. Save 10% Save 20% Monthly contribution 1 year total 5 year total 4. Based on what you know about saving and investing, would the totals be the same if you had invested the money, instead of saving it? Why or why not?
Module 4 Activity Sheet: Savings Calculator Name: Directions: Use the savings calculator from Nerd Wallet to fill in the chart. Scenario: You earn $100 per month and want to save 10% in a savings account. 1. How much will your monthly contribution be? Enter your response in the chart. 2. Use the savings calculator to find out how much your total savings would be in 1 year if your account has an annual interest rate of 1%. What would your total savings be in 5 years? 3. You decide to increase your savings to 20%. Fill in the 2nd column. Save 10% Save 20% Monthly contribution 1 year total 5 year total 4. Based on what you know about saving and investing, would the totals be the same if you had invested the money, instead of saving it? Why or why not?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Module 4 Activity Sheet: Savings Calculator
Name:
Directions: Use the savings calculator from Nerd Wallet to fill in the chart.
Scenario: You earn $100 per month and want to save 10% in a savings account.
1. How much will your monthly contribution be? Enter your response in the chart.
2. Use the savings calculator to find out how much your total savings would be in 1 year if
your account has an annual interest rate of 1%. What would your total savings be in 5
years?
3. You decide to increase your savings to 20%. Fill in the 2nd column.
Save 10%
Save 20%
Monthly contribution
1 year total
5 year total
4. Based on what
you know about saving and investing, would the totals be the same if you
had invested the money, instead of saving it? Why or why not?
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