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[download a student spreadsheet template without formulas] You’ve
just been notified that one of your distant relatives left you $15000.00 in
their will. You have decided to put
it into a Bank Account (on April 1) that earns 12% interest yearly (APR)
compounded monthly. Because you
learned in your math class that it is possible to make money if you save
regularly, you decide to put $200.00 in the bank on the first of each month from
your paychecks. On
the first of the month when you turn 18, you will get an additional $1000.00 to
add to your bank account if you don’t withdraw any money from your account. On
the first of the month when you turn 21, you will get an additional $5000.00 to
add to your bank account for a signing bonus from the company you are going to
work for since you have earned a college degree. On your 25th birthday, put your $5000.00 bonus
from your great job in the bank as additional money. Answer
the following questions and fill out the Balance Sheet with your monthly totals
– showing the date, your age (years & months), your monthly interest, any
deposits and your final balance. Is
it possible to become a millionaire? If
so, how many years and months will it take and how old will you be? [Millionaire Project Page] [Student Worksheet] [Student Evaluation] |
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