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This lesson covers calculations related to simple and compound interest. It includes examples where Wanda invests $3,565 in a savings account at 6% interest for one year, along with Mike's $2,000 deposit at 5% interest. Additionally, it explores compound interest through examples of investments of $5,435 at 5.9% compounded annually for 12 years, and $20,000 at 5% for 4 years. Students will practice these concepts by completing a worksheet that includes various problems related to both types of interest.
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Lesson 8 Section one
Simple Interest 1. Wanda invests $3565 in a savings account that pays 6% interest a year. Find the amount she will have at the end of one year. A = ( P )( 1 + r )
2. Mike deposits $2,000 in a savings account that pays interest at 5% a year. How much will the investment yield after 1 year?
Compound Interest 4. $5435 is invested at 5.9% interest compounded annually for 12 years. How much money will the investment yield after 12 years? Round your answer to the nearest penny. t A = ( P )( 1 + r )
5. $20,000 is invested at 5% compounded annually for 4 years. How much money will the investment yield after 4 years? Round to the nearest penny.
Your homework is a worksheet. Complete all of the problems on the worksheet.
