Compare two retirement savings options and answer the follow up questions. Polly deposits $300 per month in an account with an APR of 5%, compounded monthly, from age 25 to 65. George deposits $600 per month in an account with an APR of 5%, compounded monthly, from age 40 to 65. How much money will Polly have in her retirement account when she turns 65? How much money did she deposit? How much money will George have in his retirement account when he turns 65? How much money did he deposit? Compare Polly and Georges final account balance with how much they contributed. What lessons does this tell us about saving/investing money? Why might some people have to wait until age 40 to start saving
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
- Compare two retirement savings options and answer the follow up questions. Polly deposits $300 per month in an account with an APR of 5%, compounded monthly, from age 25 to 65. George deposits $600 per month in an account with an APR of 5%, compounded monthly, from age 40 to 65.
- How much money will Polly have in her retirement account when she turns 65?
- How much money did she deposit?
- How much money will George have in his retirement account when he turns 65?
- How much money did he deposit?
- Compare Polly and Georges final account balance with how much they contributed. What lessons does this tell us about saving/investing money? Why might some people have to wait until age 40 to start saving?
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