13-2: Investing Your Money

Part 1


Suppose you make regular monthly deposits to an account that earns compound interest. Each month your balance increases by the amount of interest you earned the previous month, plus the amount you deposited.

Example Calculating Balances for Accounts With Compound Interest and Regular Deposits

You deposit $80 in a savings account at the start of each month. The account earns 3.6% annual interest compounded monthly. Make a table to find the balance after four months. Round each amount to the nearest cent.

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Table of Contents

Digits, Grade 8, Volume 2, Homework Helper Unit D: Two-Dimensional Shapes Unit E: Measurement and Data Unit F: Personal Financial Literacy Unit G: Step-Up Lessons English/Spanish Glossary Formulas Math Symbols Formulas Measures Properties