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10 - Mathematics M1.CA.3 - Simple & Compound Interest

⭐ +280 XP
  • ✓solve problems involving simple interest (principal, time, rate, amount)
  • ✓solve problems involving compound interest (formula and use of calculator)
⏱ 0 mins🎯 56 marks
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Aunty Carmen in Roseau deposits $10 000 in a Caribbean credit union at 12 % per year compound interest. After 3 years, she withdraws $14 049, without lifting a finger. How? Compound interest is one of the most powerful ideas in finance. Einstein called it 'the eighth wonder of the world'. Master it now and your CSEC marks AND your bank balance will grow.
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Predict: which statement do you think best describes principal (p)?

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💡Engage
Aunty Carmen in Roseau deposits $10 000 in a Caribbean credit union at 12 % per year compound interest. After 3 years, she withdraws $14 049, without lifting a finger. How? Compound interest is one of the most powerful ideas in finance. Einstein called it 'the eighth wonder of the world'. Master it now and your CSEC marks AND your bank balance will grow.
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