Homework Quiz

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# Homework Quiz - PowerPoint PPT Presentation

Homework Quiz. Rule of 72. Interest Rate . Years for money to double. 9 years 6 12 36 2400 years. 8% 12% 6% 2% .03%. I = P x R x T.

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### Homework Quiz

Rule of 72

Interest Rate

Years for money to double

9 years

6

12

36

2400 years

• 8%
• 12%
• 6%
• 2%
• .03%
I = P x R x T
• Sally is saving money for college and she currently has \$200 in her savings account. Her bank pays a rate of 1% on her money. If her money compounds annually, what will her account be worth in three years?
• I= ???
• P= 200
• R= .01
• T= 1 year (three times)
Solution
• 200 x .01 x 1 = 2.00
• 202 x .01 x 1 = 2.02
• 204.02 x .01 x 1 = 2.04
• 206.06