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  • 1. 3.6 Savings Account October 08, 2012 $35 $285.26 $13.20 $493.44 $3068.20 Sep 20­10:25 AMHW pg. 116 #7­20 1
  • 2. 3.6 Savings Account October 08, 2012 Savings Accounts Interest = Principal * Rate * Time ( I = PRT) Find interest for 6 months on $400.60 at 1.5% annual  interest paid semiannually. Sep 20­10:25 AMHW pg. 116 #7­20 2
  • 3. 3.6 Savings Account October 08, 2012 Compound Interest: Balance  =   P (1  +  r / n) n p= principal, r = rate, n= # of times a year interest is compounded On January 1, Peter made an ATM deposit of $800 in a savings  account that pays 2% interest, compounded quarterly.  He made no other deposits or withdrawls.  If interest is calculated and paid on April 1 & July 1,  find the account balance and compound interest on July 1.  Sep 20­10:26 AMHW pg. 116 #7­20 3
  • 4. 3.6 Savings Account October 08, 2012 Compound Interest Tables Find the compound interest paid on a $400 deposit that  earns interest at an annual rate of 2.5% for 12 years. A $1200 deposit earns annual interest of 4% compounded  quarterly. Find the compound interest the deposit will earn  in 3 years. Sep 20­10:28 AMHW pg. 116 #7­20 4
  • 5. 3.6 Savings Account October 08, 2012 HW pg. 116 #7­20 Sep 20­10:26 AMHW pg. 116 #7­20 5
  • 6. 3.6 Savings Account October 08, 2012 Oct 8­7:28 AMHW pg. 116 #7­20 6