You’ve
just been notified that one of your distant relatives left you $15,000.00
in his will. You
have decided to put it into a bank account (on April 1) that earns
12% interest yearly (APR) compounded monthly.
Because you learned in your math class that it is possible
to make money if you save regularly, you decide to put $200.00 in
the bank from your paychecks on the first of each month .
On
the first day of the month in which you turn 18, you will get
an additional $1000.00 to add to your bank account if you don’t withdraw
any money from your account. On
the first day of the month in which you turn 21, you will get
an additional $5000.00 to add to your bank account for a signing bonus
from the company you are going to work for since you have earned a
college degree. On your 25th birthday, put your $5000.00 bonus from
your great job in the bank as additional money. Answer
the following questions and fill out the Balance Sheet with your monthly
totals – showing the date, your age (years & months), your monthly
interest, any deposits and your final balance. Is
it possible to become a millionaire?
If so, how many years and months will it take and how old will
you be? [Millionaire Project Page] [Student Worksheet] [Student Evaluation]
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