Personal Finance Assigment, business and finance homework help

Lesson Assignment

Calculate the following scenarios and write down your answers. To use the calculators, slide the triangle for each category to set it.

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Scenario Number #1 Visit the CD Calculator

You have $1000 in your savings account. You are 14 years old and want to put it in an account for college and earn more interest than you can in your savings account. So, you put it in a CD for 5 years. Using the CD Calculator, what will your savings be after five years? Use a 2% Interest Rate.

Scenario Number #2 Visit the Savings Calculators

You have $1000 and you want to save for 5 years/60 months. You are planning on adding $150 each month but you would like the option to access the money if needed. Using the Savings Calculator, how much will you have after five years if you do not access the money? How much did you earn in interest? Use a 2% Interest Rate.