Compound interest is perhaps the most powerful force in the universe so it is important for students to understand it! Students will practice problems built around savings account, certificates of deposits, loans and credit cards.
To end the unit, students put on their hat as a financial advisor and help four characters navigate their personal finance needs. Students will use the skills of percents and exponents through a series of word problem applications.
In this 20 page document you will be given a mapping to the Content Standards, an outline for how to implement the project, handout resources for students to use, and an answer key. In all it is four different assignments --
-- In “Interesting Interest” students will complete problems involving interest on loans or savings accounts. The problems in these situations are simple interest problems with the formula I = Prt
-- In “To Buy… Or Not to Buy” students will complete simple interest application questions where they have to help a buyer decide whether they should buy something or not. Many of these problems will also reinforce basic operations.
-- In “The Money Tree” students will begin problems with the Compound Interest Formula.
-- In “Financial Advisor” students will wear the hat of a financial advisor and determine plans tailored to an individual needs. These problems can be done by hand or in a computer lab with Microsoft Excel.
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