Consider the concept of compound interest you read about this week. Now, apply your knowledge of these models to a practical problem.
Please respond to all of the following prompts:
You have been asked by your friend to describe this topic. Your friend knows very little about math, but learns well with pictures and analogies. Come up with a creative way to explain the concept of “compound interest” to your
Go to http://bankrate.com/brm/calc/savecalc.asp. If you want to save $25,000 for a down payment on a house and you have ten years to save this amount, how much would you need to save monthly to achieve this goal if the interest rate is 5% compounded monthly. What happens if you can increase your interest rate to 8%?
Come up with your own example of compound interest different than the one in question two.
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