Does your bank pay you for allowing them to hold your money? Class members investigate three different ways money can make more money. Topics include certificates of deposit, statement savings accounts, and money market accounts. This eleventh and twelfth grade resource also includes solving for variables inside the equations, while the plan for grades nine and ten does not.

Concepts

interest rates, simple interest, compound interest

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Additional Tags

math

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Instructional Ideas

• After the lesson, introduce pupils to bankrate.com, where they can find calculators to figure interest
• Challenge students to figure out how much they would need to invest at age 18 at 3% APR in order to have one million dollars by age 70

 

Classroom Considerations

• Requires prior knowledge of applying formulas and rounding

Pros

• Lesson includes guided practice, independent practice, and answer keys
• Provides instruction on how to solve each type by hand and with a formula
• Presents vocabulary in an easy-to-understand way

 

Cons

• None

Common Core

HSA-SSE.B.3.c HSA-CED.A.4