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A project that allows students a real world experience with banking and interest. A review of proportionality, writing equations, and using spreadsheets are spiraled in. Standards addressed:…Full description

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Due Date: __________

**Simple Interest Project
**

Interest is a topic that is commonly talked about in the world outside the classroom. When

you invest your money in many types of bank accounts, you will earn interest on the money

invested. Your task is stated below. You will work with a partner during this project.

Part 1…

Find a bank account online in which to invest your money. You may look at accounts

offered by Bank of America, Citi Bank, Capital One, etc. Both you and your partner

will invest in the same bank account, but with different amounts of money.

You will follow the guidelines of that account for the minimum amount that must be

initially deposited. If the opening minimum balance is $5,000, you must invest

$5,000 or more. This initial amount is known as the principal balance.

You will calculate the simple interested gained on your initial deposit after 6 months,

5 years, 25 years, and 50 years using the formula I = prt (p = principal, r = interest

rate, t = time, in years).

After calculating the interest, you will work with your partner to complete the

assigned questions.

Part 2…

You will use an excel spreadsheet to find the simple interest earned on your principal

every 6 months over the course of 50 years. Your spreadsheet should have the

following columns…

** Using this spreadsheet, you will make a graph of the interest earned. This graph must
**

have a title, labeled axes, and show the linear relationship between time, in years, and

the amount of interest.

You will then answer questions about the graph and the relationship between time

and simple interest.

Your work will be graded using the rubric on the back of this task sheet. This sheet must be

turned in with your project to receive full credit. Please be sure to read the task and the

rubric carefully to ensure you have completed all that is asked. Use color to make your

work stand out; your overall effort will be considered in your grade.

Name: ____________________________________

Expectations

**Due Date: __________
**

Levels of Proficiency

(0-5 points)

Did not address

this part of the task

or shows very little

understanding.

Most requirements

from the task sheet

are not met.

(10 points)

Some elements of

task are correct

and/or some

guidelines are

met. Response

shows some

understanding.

(15 points)

Shows

understanding

with minor flaws.

OR

Math is correct but

reasoning is weak.

(20 points)

Complete,

correct, and

thorough

understanding.

All guidelines

specified in the

task are followed.

**Initial deposit follows
**

guidelines of bank

account. The account

used is described on the

questions sheet.

Simple interest is

calculated for all time

periods specified. The

decimal form of the

percent is used correctly

in the formula (I = prt).

Simple interest questions

and partner work

comparison.

An excel spreadsheet is

used to calculate simple

interest. A line graph

showing the relationship

between time and

interest is created. The

graph has a title and

labeled axes.

Questions on the

relationship

demonstrated by the

graph created on excel.

Teacher Comments:

Score:

Level 1: 60-69

Level 2: 70-79

Level 3: 80-89

Level 4: 90-100

Self evaluation: What did you learn during this project? What might you still be struggling with?

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

Peer evaluation: Comment on the work done by your classmate on this project. Remember to use

vocabulary relevant to this project on simple interest.

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

Name: ____________________________________

Simple Interest Project Questions – Part 1

Due Date: __________

**1. Using the bank account chosen, answer the following questions:
**

a. What is the interest rate of this account?

b. How would you write this interest rate, in decimal form?

2. Calculate the simple interest for this bank account over each of the following time periods.

Use the simple interest formula, I = prt. Show all work in the boxes below.

Time

6 months

5 years

25 years

50 years

Interest Earned

I = prt

I = prt

I = prt

I = prt

**3. Compare your interest earned to your partner’s interest earned. Who earned more interest?
**

Why? Examine the interest rate on their account and their initial principal balance.

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

4.

**Over the years, as interest is earned, the balance on your account will change. Calculate the
**

new balance for your account in each of the years specified.

Time

Principal

(Amount initially

deposited.)

**New balance of the
**

account

(Add the principal

amount to the interest

earned.)

6 months

5 years

25 years

50 years

Name: ____________________________________

Graph questions – Part 2

Due Date: __________

**1. One way to know if a pair of variables has a linear relationship is to plot their values on a
**

coordinate system. If you get a straight line, a linear relationship exists between these variables.

Examine your graph showing time vs. interest earned. Is this relationship a linear

relationship? Explain how you know.

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________

2. We have discussed several ways to determine whether or not this relationship is proportional.

a. Is this a proportional relationship? If yes, use a proportion to prove this is true.

**b. How can you identify that this is a proportional relationship by looking at the graph?
**

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

3. The unit rate is also called the constant of proportionality. Here, the unit rate is interest per year.

a. What is the unit rate, or constant of proportionality, for the bank account you graphed?

b. Write an equation to represent this proportional relationship.

**c. Use your equation to determine what the interest earned will be if your money remained
**

in this account for 500 years.

d. Bonus (worth 5 points): After 500 years, what would be the balance in the account?

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