ACCESS Virtual Learning | ACCESS Virtual Learning
Name: FORMTEXT ?????Date: FORMTEXT ?????School: FORMTEXT ?????Facilitator: FORMTEXT ?????3.02 InterestPart I: Calculating Simple Interest - Calculate Simple Interest given the following information. Round to the nearest dollar. Reminder that the formula for simple interest is i=prt.PrincipalRateTimeInterest1.$2002%1 year2.$5004%1 year3.$9005%1 year4.$6007%1 year5.$8002%1 year6.$2,3508%2 yearsPart II: Calculating Compound Interest - calculate the future value of the following investments. You may use the Compound Interest Calculator linked on the Task page.PrincipalMonthly additionYears to GrowInterest RateCompounding TimesFuture Value1.$1,000$100306%3652.$10,000$50254%3653.$500$250407%3654.$20,000$400356.5%3655.$1,500$500458%365Part III: Using the Rule of 72 - Using the Rule of 72, calculate how long an investment will double at a given interest rate. Reminder, the formula is time = 72 / interest rateInterest RateTime (in years)2%3%4%5%6%7%8%9%10%Part IV: Reflection - Answer the following questions:How can compound interest help you reach your financial goals?Write a brief note to your future self at age 21. In the note includeyour current financial goalshow much money you expect to have saved and invested at age 21. (you may need to use the calculator linked on the Task page)list two pieces of financial advice that you hope your future self is following. ................
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