3.12 PART 22

0.083

Phyllis, Phillip's sister, is also learning good savings habits, but she wants to know how much different saving accounts will help her earn. She deposits $3,000 in each of the three different savings account types shown below, each with a different interest rate as shown. For these examples, you will use the compounding interest formula to calculate how much her money will earn in each of the accounts based on the interest rate (r) as a decimal and the time (t) in years. For each different account, you will change the variable for interest rate (r) and time (t). For one month, you will use 1/12 = 0.083 years. Total Balance = 3000(1 + r ) For the Savings Account for one month, you would calculate: 3000(1+0.0050)

graph: how do people pay for stuff?

Study the graph to learn more about the different ways people pay for the things they buy.

PART ii: compounding interest

how checking works