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PlusmodelproblemsexplainedstepbystepSimpleandCompoundInterestDate Period Usesimpleinteresttofindtheendingbalance)$34,at4% foryears$38,2)$at8%foryears$3)$4,at3%foryears$4,4)$20,at8%foryears$23,5)$14,at6%foryears$21,6)$2,at7%foryears$3,a)Calculates theinterestusingsimpleinterest(I=Prt)InterestthatiscalculatedonlyonprincipalissimpleinterestCompoundInterestName Date Period 1) Brendainvests$4,inasavingsaccountwithafixedannualinterestrateof5%compoundedtimesperyear%3SimpleandCompoundInterestc)Calculatesthe interestusingSoA=(1+)×=$(roundyouranswertothenearestpenny)Letuscomparetheamountofmoneyearnedfromcompoundingagainsttheamountyou HelpyourstudentspreparefortheirMathsGCSEwiththisfreesimpleandcompoundinterestworksheetofquestionsandanswersd)Calculatestheinterestusing compoundinterestcompoundedmonthlyMathSimpleandCompoundInterestc)CalculatestheinterestusingcompoundinterestcompoundedquarterlyArethe 8thgradeandhighschoolchildren'scalculationsofcompoundinterestrightonthemoney?ExponentialGrowth.Freeworksheet(pdf)andanswerkeyon Compoundinterestscaffoldedquestionsthatstartrelativelyeasyandendwithsomerealchallenges.PracticeProblemswithanswersIf$3,isloanedformonthsata %annualrate,howmuchinterestisearned?Whatwilltheaccountbalancebeafteryears?$Aloanof$4,wasrepaidattheendofmonthswithacheckfor$4, Whatannualrateofinterestwascharged?Compoundinterestispaidonboththeoriginalamountinvestedandtheinterestpreviouslyearned2)Leainvests$8,in asavingsaccountwithafixedannualinterestrateof8%1)Findthesimpleinterestwhen£isinvestedat5%foryears[1]2)Findthesimpleinterestwhen£is investedat5%foryears[1]3)Findthefinalamountwhen£isinvestedat8%simpleinterestforyears[1]4)Findthefinalamountwhen£isinvestedat8%simple interestforyears[1]SectionofthesimpleandTherearedifferentactivitiestochoosefrom,allofwhicharedesignedtobeeasilyprintable:ThestandardWorksheet, withasmanyasquestions.Whatistheaccountbalanceafteryears?Workwithapartner.STATE.ExploreitwiththisYoudeposit$inanaccountthatearns% interestcompoundedannuallyb)CalculatestheinterestusingcompoundinterestcompoundedannuallyInterestfor1styear:I=PrtWritesimpleinteresta) Calculatestheinterestusingsimpleinterest(I=Prt)ChoosehowmuchTheformulaforsimpleinterestisI=PrtandthetotalamountincludinginterestwouldbeA =P+IInCoreConnections,Course3,studentsareintroducedtocompoundinterestusingtheformulaA=P(1+r)nMAAMAAHowcanyoufindthe balanceinanaccountthatearnssimpleinterestorcompoundinterest?ACTIVITY:ComparingSimpleCompoundInterestWhatwilltheaccountbalancebe afteryears?Notethatintheseformulas,PContinuouslyCompoundedInterestCalculatorb)Calculatestheinterestusingcompoundinterestcompoundedannually $13,6)Ndibainvestsasumofmoneyinasavingsaccountwithafixedannualinterestrateof%compounded1)Findthesimpleinterestwhen£isinvestedat5% foryears[1]2)Findthesimpleinterestwhen£isinvestedat5%foryears[1]3)FindthefinalamountwhenCompoundInterestMissingPrincipal,Rate,orTime. STANDARDS