Teacher2Teacher |
Q&A #18323 |
From: Cynthia
(for Teacher2Teacher Service)
Date: Mar 10, 2007 at 08:21:56
Subject: Re: Sales tax/interest
Hi Cory, I really like your original ideas, and I agree with Claire that using a spreadsheet could really make it effective, even though you could also have the kids calculate the interest with a calculator. A table might look like this. (I'd switch the cols and rows in a spreadsheet. Year 1 2 3 4 5 6 7 8 9 10...19 20 21 Amount Deposited % Interest Compounded Annually Interest Earned This Year Total Savings To-Date You could ask them a question like, If your grandparents opened a savings account for you when you were born, and deposited $10 per week and interest is paid at 6% compounded annually, how much money would you have by the time you are 21. The neat thing about using a spreadsheet (other than it would calculate everything for you) is that you could vary the percent by just changing one value. -Cynthia, for the T2T service
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