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CHAPTER 4-SAVINGS ACCOUNTS

CHAPTER 4-SAVINGS ACCOUNTS. CHAPTER 4 BUSINESS MATH STANDARD(S ). Achievement Standard : Apply basic mathematical operations to solve problems .

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CHAPTER 4-SAVINGS ACCOUNTS

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  1. CHAPTER 4-SAVINGS ACCOUNTS

  2. CHAPTER 4 BUSINESS MATH STANDARD(S) Achievement Standard: Apply basic mathematical operations to solve problems. Achievement Standard: Solve problems containing whole numbers, decimals, fractions, percents, ratios. And proportions.

  3. DEFINITIONS to KNOW • Interest • Principal • Annual Interest Rate • Simple Interest • Compound Interest • Compound Interest Table • Daily Compounding • Amount

  4. 4-1 HOW DO WE MAKE A DEPOSIT? • A deposit is an amount of money that you put into a bank account. • You use a deposit slip to record the amounts of currency, coins, and checks you deposit. • To open a savings account, you must make a deposit. Total Deposit = (Currency + Coins + Checks) – Cash Received

  5. 4-2 WITHDRAWALS • A withdrawal is a sum of money that you take out of your saving account. • The withdrawal is subtracted from the balance of your account.

  6. QUESTIONS??? COMPLETE P.128-129 #1-20 in your textbook. HW WB P.30

  7. 4-3HOW DO WE MANAGE A PASSBOOK? • When you open a savings account your bank may provide you with a passbook. • When you make a deposit or withdrawal, the bank teller records the transaction in your passbook. Also recorded is the interest earned and the new balance. New Balance= Previous Balance + Interest + Deposits - Withdrawals

  8. 3-4 HOW DO WE ANALYZE ACCOUNT STATEMENTS? • When you have a savings account, you receive a statement from the bank each month or quarter. • Your statement shows all your deposits, withdrawals, and interest credited to your account. New Balance= Previous Balance + Interest + Deposits - Withdrawals

  9. QUESTIONS???

  10. PLEASE DO NOW…………. • $241.50 - $121.60 + $175.42 = • $34.80 - $19.32 + $172.90 + $45.81 = • $20.00 + $25.60 - $25.26 + $3.20 = • $78.45 + $67.31 - $13.29 - $56.32 + $181.32 = • $1,398.65 - $234.11 + $56.85 - $11.00 - $93.68 =

  11. ANSWERS…………. • $241.50 - $121.60 + $175.42 = $295.32 • $34.80 - $19.32 + $172.90 + $45.81 = $234.19 • $20.00 + $25.60 - $25.26 + $3.20 = $23.54 • $78.45 + $67.31 - $13.29 - $56.32 + $181.32 = $257.47 • $1,398.65 - $234.11 + $56.85 - $11.00 - $93.68 = • $1,116.71

  12. 4-3 Passbooks • Your bank may provide you with a savings account passbook. • When you make a deposit or withdrawal, a bank teller records in your passbook the transaction, any interest earned and the new balance. New Balance = Previous Balance + Interest + Deposits - Withdrawals

  13. LET’s PRACTICE Ann Hardy has a passbook savings account. On April 1, she deposited $173.12 in her account. The bank teller recorded the transaction and the interest earned during the past savings period. What is her new balance in her account?

  14. 4-4 Account Statements • When you have a savings account, your bank may send you a monthly or quarterly account statement. • The account statement shows all deposits, withdrawals, and interest credited to your account. New Balance = Previous Balance + Interest + Deposits - Withdrawals

  15. LET’s PRACTICE Mary Witkew received this savings account statement. After checking her passbook and transactions to be sure all items have been recorded correctly, she checks the calculations. What is the balance in her account on July 1?

  16. QUESTIONS??? COMPLETE P.137-138 #1-8 in your textbook. HW WB P.33

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