31 Dec Financial Statement Financial Report Money is a central concept for everyone no matter what age you are. In this project you will explore exponents using the compound interest formula to ma
M4 Assignment: Financial Statement
Financial Report
Money is a central concept for everyone no matter what age you are. In this project you will explore exponents using the compound interest formula to make conclusions on investments.
In this project you will:
- Use exponents to calculate the amount of interest earned on an investment.
- Evaluate formulas with exponents.
- Convert interest rates to decimals.
- Apply the order of operations.
To complete this project you will:
- Complete the Financial Report Worksheet to guide you in developing your budget. Be sure to show all work!
- Complete a 2 page, double spaced, APA formatted report. In the report you need to present your findings and explain your conclusions on interest rates and compounding frequency. Thoughts to include in the report include: Is a savings account a good way to earn interest? When looking at opening a savings account what should you look for: higher interest rate or more frequent compounding?
- Be sure to cite your sources for the interest rates from the chosen financial institution!
Length/Formatting Instructions
Length2 pages, 400-500 words
Financial Report Worksheet
Directions: Complete the financial report worksheet to help you with your calculations to create the APA report. 1. Go to your financial institutions website or a local financial institution website and find the interest rate and compounding frequency (monthly, quarterly, annually, etc) for a savings account. Record that here: 2. Use the compound interest formula: where r is the rate as a decimal, n is the number of times it is compounded in the time frame, t is the amount of time and P is the starting value. Calculate your balance if you invest $1,000 for 1 year. 3. Using the compound interest formula Calculate your balance if you invest $1,000 for 5 years. 4. Now select a new compounding period (monthly, quarterly, annually, etc) and redo your calculations from number 2 & 3.
7. What did you learn about comparing the interest rate? 8. Is it better to have a slightly higher rate or have interest compounded more often?
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