Bank Accounts
What is a savings account?
A bank account that earns interest over a period of time.
what is Interest?
Interest is a fee paid for borrowing someone else's money.
What is Marketing?
Marketing is what banks use to promote their business.
If Sarah's Grandmother put $7000 in a savings account after 21 years the rate of interest was 35%. how much money does Sarah get from her Grandmother.
Interest: $51,450
Determine the Future value of $10000 invested at 15%, compounded annually for 3 years.
$34668.75
What is a chequing account?
An account at a bank which allows you to withdraw checks by the account depositor.
What is an ATM?
Automated teller machine. people use for routine banking transactions.
What is Accounting?
The action or process of keeping financial accounts.
Winter invests $40,000 into stocks and the rate of interest is 34%. what will be the interest after 10 years.
Interest Value: 136,000
Tanis invested $500 in a Tim's that pays compound interest annually. She will earn 2.8% interest each year for 3 years. What will she earn?
$543.18 in she investment.
What is a student bank account?
A bank account that allows students to save money on fee's for the time period that they are enrolled in a post-secondary school.
What is a service charge?
Cost sometimes charged by financial institution for providing services, such as banking by telephone, banking own the internet, and using banking machines.
What is Finance?
the management of large amounts of money, especially by governments or large companies.
Bob Invested $1Millon in a GIC that pays interest. He gets 25% interest each year for 5 years. what the total Interest value?
Interest value: $1,250,000
Determine the compound interest earned on a $2000 investment with a 1% interest rate after 1 year and compounded annually.
$2020.05 earned after the investment.
What is a senior's account?
This account is designed for seniors above the age of 60, to help empower senior citizen's to use services provided by the bank to their fullest potential.
What is a Credit transactions from your Account?
Credit transactions are when someone puts money into your bank account.
What is a Budget?
An organized plan for income and spending.
Determine the simple interest earned on a $500 investment with a 3% interest rate after the following time periods.
A) 3 years B) 5 years
C) 10 years D) 15 years
A) $45
B) $75
C) $150
D) $225
A) Determine the future value $4000 interest at 3%,compounded annually for 2 years.
B) What would be the future value at the end of 2 years if the investment paid simple interest annually?
C) How much more was earned by compounding the interest in part a)?
A) $4243.60
B) $4240
C) $3.60
What is the fee associated with a bank account?
This varies depending on the type of account you have. Some have no fee's while others have higher costs associated with them.
What is a Debit transactions?
A Debit transactions are when you take money out or subtracted from your bank account.
What is a Balanced Budget?
A budget in which the total income equals the total expenses.
Nate earned $10,000 in the stock he invested. Paying 2.1% interest for 3 year.
A) Calculate the future value of GIC 3 years from April 21, 2008.B) Calculate the future value of GIC 4 years from April 21, 2009.
A)$630
B)$840
A) Determine the Future Value of $1000, interest at 2%, compounded annually for 2 years.
B) What would be the future value at the end of 2 years if the investment paid simple interest annually?
C)How much more was earned by the investment in part a)?
A) $1040.40
B) $1040
C) $0.40