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Illustration of Simple and Compound interest Activity 1: Aldy wants to deposit her money P 1, 000 in a savings account. Two banks offer 6% interest per year. Complete the tables below and help her which banks to choose. Bank A. Simple Interest. Complete the first table that show balance after 10 years with simple interest. (Note: To get the yearly interest, get the product of the rate and the principal. Converting the rate 6% to decimal form we get 0.06. Thus, 0.06 x P 1000 = P 60. Hence, the yearly interest is 60) t Principal Yearly Interest Balance at End Year 1000.00 60.00 1060.00 2 1000.00 60.00 1 120.00 3 4 5 6 7 8 9 10 Bank B. Compound Interest. Complete the second table that shows the balance after 10 years with interest that is compounded annually. Principal Annual Interest Balance at End Year 1000.00 1000 x 0.06 = 60.00 1000 + 60 = 1060.00 1060.00 1060 x 0.06 = 63.60 1060 + 63.60 =1123.60 3 5 6 7 8 9 10 1. Compare the two banks, which bank gives the greater balance? 2. Which bank should Aldy choose and why? Note to Students: Try to save Money! Depositing money in a bank is like lending money to the bank in return for which the bank pays interest. By contrast, borrowing money from banks or lending institutions requires payment of interest. Hence, money has present and future values. Motivate yourself to manage your finances. You can also look out, listen and learn from successful personalities who have applied good investment mathematics like Bo Sanchez, Warren Buffet, etc.= 17, 694.18. Therefore, Jane will receive Php 17,694.18 at the end of 5 years. Example 6. Determine the compound amount of Php 16,500 invested at 13% compounded for 6 years? Given: P = 16,500 r= 0.13 t=6y Solution: A = P(1+r) = 16,500 (1+0.13)6 = 16,500 (1.13)6 = 34,352.20 Therefore, the compounded amount at the end of 6 years is 34,352.20. What's More Activity 3: 1. Complete the table below by finding the unknown. Principal (P) Rate( r ) Time (t) Interest Is (a ) 2.5% 4 1,500 36,000 (b ) 4 4,860 250,000 0.5% (c 275 500,00 12.5% 10 d) 2. What is the amount of interest of a loan for P35,000 at 10% simple interest for 7 years? 3. How long will a principal earn an interest equal to half of it at 5% simple interest? 4. How much money will you have after 6 years if you deposited P 15,000 in a bank that pays 1.5% simple interest? 5. How long will 5 million pesos earn a simple interest of 100,000 at 2% per annum? 6. In order to have P350,000 in 5 years, how much should you invest if the compound interest is 12% per annum? 7. Peter borrowed P100,000 at 8% compounded annually? How much will he be paying after 2 years? 8. How much money must be invested to obtain an amount of P250,000 in 3 years if money earns at 12.5% compounded annually? 9. A time deposit account in a bank yields 5.5% compound interest annually. Jennifer invested P450,000 for 4 years in this savings account. How much interest will she gain? 10. What amount must be deposited by a student in a bank that pays 3 % compounded annually so that after 12 years he will have P150,000? What I Have Learned