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6.04 Savings and Investing Assignment
Below you will see three different saving/investing scenarios. Go to College Foundations - Savings Calculator and type the amounts in the first four sections of the calculator for 1-3 below, and then record the future value for each of the three investment situations. You will be completing the last column in this table. Then, answer the questions below. Turn your completed table into 6.04 Savings Dropbox.
| |Initial Deposit |Monthly Savings |Interest Rate |Number of Years |Future Value |
|1 |$100 |$50 |4% |4 | |
|2 |$500 |$100 |6% |10 | |
|3 |$25 |$75 |8% |25 | |
1. What are the three key principles of investment?
2. Compare and contrast savings and investing.
3. You have a friend that does not have a savings account. He saves $50 a month from his job. Assuming is a sophomore and will be able to save for 2 years before going to college, describe how you would explain to him why he would be better off depositing this money in a savings account with a 4% interest rate. (You may want to use a resource from the lesson to calculate the difference in money saved.)
4. Rank the reasons given for saving and investing in the lesson in order of importance to you. Explain your answer.
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