KEY TERMS
1. F = Future Value ( Interest + Present Value) 2. P = Present Value ( or Principal) 3. r = annual rate as a % per year ( the % is converted to a decimal 4. t = Time in years 5. I = Interest 6. N = How often interest is calculated / year ( twice, quarterly, etc) 7. i = interest rate as a % per period (i.e. per month, per week etc) 8. n = the number of time periods 9. ^ to the Power of.. ( eg. ^4 means to the Power of 4 ) |
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Simple Interest
I = Pxrxt F= I + P |
Compound Interest
i = r/N and n = N x t F = Px( 1 + i )^n I = F - P |
Formative Work Using The Mathematical Applications Text Book 2nd Edition
Complete - Exercise 4B.1 and 4B.2 |
Formative Work Using The Mathematical Applications Text Book 2nd Edition
Complete - Exercise 4C.1 , 4C..2 , 4.C3 and 4C.4 |
USING TECHNOLOGY
EXCEL Spreadsheets