September 9, 2015 Get your journal. Sit down. Turn to this week’s warm up and do the next 2 sections. Voice Level 0 This Means You!!!! Tomorrow, we will.

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Presentation transcript:

September 9, 2015 Get your journal. Sit down. Turn to this week’s warm up and do the next 2 sections. Voice Level 0 This Means You!!!! Tomorrow, we will sing the equation song for a grade…

t74Kxc9OJk t74Kxc9OJk t74Kxc9OJk t74Kxc9OJk

Add this definition to page 5 in your journal. Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.

Add this to the next available page in your journal. Compound Interest Formula A=amount P=principal r= rate in years n=number of times it is compounded per year t = years

Tom deposited $800 into a bank that pays 2% annual interest (compounded monthly) after he got his first job. What is the balance in his account 2 years later? When I was 7, my parents deposited $30,000 into a trust fund that pays 5% annual interest, compounded quarterly. What is the balance in this account on my 16 th birthday? You borrowed $95 for 1 year at 5.2% interest that is compounded semi annually. What will you pay back in full?

You invested your allowance of $270 which gets 15% compounded annually for 3 years. How much will you have in 3 years? You gave your friend a short term 2 year loan of $43,000 at 3% compounded annually. What will be your total return? Your 2 year investment of $5,300 earns 2.9% and is compounded annually. What will your total return be? Five years ago, you deposited $500 at Kirby State Bank. The interest is 5% compounded semi-annually. How much do you have now?