1. Homework Quiz

2. Rule of 72 Interest Rate 8% 12% 6% 2%.03% Years for money to double 9 years 6 12 36 2400 years

3. I = P x R x T Sally is saving money for college and she currently has $200 in her savings account. Her bank pays a rate of 1% on her money. If her money compounds annually, what will her account be worth in three years? I= ??? P= 200 R=.01 T= 1 year (three times)

4. Solution 200 x.01 x 1 = 2.00 202 x.01 x 1 = 2.02 204.02 x.01 x 1 = 2.04 206.06

5. What would she have after 50 years? 328.93

6. What if her money compounded monthly? For fifty years? 329.68