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Homework Quiz

Homework Quiz. Rule of 72. Interest Rate . Years for money to double. 9 years 6 12 36 2400 years. 8% 12% 6% 2% .03%. I = P x R x T.

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Homework Quiz

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  1. Homework Quiz

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

  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

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