Money is a central concept for everyone no matter what age you are. In this project, you will explore exponents using the compound interest formula to make conclusions on investments.
In this project, you will:
Use exponents to calculate the amount of interest earned on an investment.
Evaluate formulas with exponents.
Convert interest rates to decimals.
Apply the order of operations.
To complete this project you will:
Complete the Financial Report Worksheet to guide you in developing your budget. Be sure to show all work! Complete a 2-page, double-spaced, APA-formatted report.
In the report, you need to present your findings and explain your conclusions on interest rates and compounding frequency. Thoughts to include in the report include: Is a savings account a good way to earn interest? When looking at opening a savings account, what should you look for: higher interest rate or more frequent compounding?
Be sure to cite your sources for the interest rates from the chosen financial institution!
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