Algebra I.3.A.04 - Why Do Banks Pay YOU to Provide Their Services? – Exit Ticket
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Last updated almost 3 years ago
3 Questions
10
1.
A youth group has a yard sale to raise money for a charity.The group earns $800
but decides to put its money in the bank for a while.
Calculate the amount of money the group will have if,
Cool Bank pays simple interest at a rate of 4%, and the youth group leaves the
money in for 3 years.
10
2.
A youth group has a yard sale to raise money for a charity.The group earns $800
but decides to put its money in the bank for a while.
Calculate the amount of money the group will have if,
Hot Bank pays an interest rate of 3% compounded annually, and the youth group
leaves the money in for 5 years.
10
3.
If the youth group needs the money quickly, which is the better choice?Why?
From EngageNY.org of the New York State Education Department. High School 1 Algebra, Module 3, Topic A, Lesson 4. Internet. Available from https://www.engageny.org/resource/algebra-i-module...; accessed 27/Oct/2015.