Planning for the Future
For the Unit 10 Discussion Board, you will complete a reflective essay to address the following questions:
Consider what you know about personal financial matters. Where did you gain this knowledge? Did you learn about these matters in school or some other deliberate training, or did you learn from personal experience? Are you satisfied with your level of knowledge on personal financial matters? Are you satisfied with how you have handled money in the past?
Consider your calculations from the Unit 9 Discussion Board. How do changes in interest rate, time, and compounding affect the amount of interest earned on an investment? What changes will you make in the way you deal with money based on what you learned?
What do you wish you had known earlier in your financial life? What financial advice would you give to a young person just starting out?
Unit 9 discussion review (just for reference you don’t need to do this part):
It is All About the Money
Congratulations! You have just come into a large sum of money. You make the wise decision to invest the money to use at a later date. Use the exponential equation to find the total amount in the investment account after a certain number of years.
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For your invetment:
Choose an amount between $5,000 and $500,000 for p , the initial amount of money to invest.
Choose a rate between 2% and 11% for r , the interest rate per year.
Choose daily, monthly, or yearly for n , the number of times per year the interest will be compounded
Choose between 5 and 30 years for t , the number of years you will let the account grow.
Tell your classmates what values you have chosen and find the value of the account at the end of the time period. How would you spend this money?