MMM Free Response

# MMM Free Response - 1 AKS Compute simple and compound...

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1) AKS: Compute simple and compound interest. When the Davis twins were born, their Grandparents invested \$10,000 each for their college education. Grandma invested the \$10,000 for the first born twin at 6% compounded daily. Grandpa invested the \$10,000 for the second born twin at 7% compounded annually. On their 18th birthday, which twin, the first born or second born, had more money available from the investments for college? Formula for Compound Interest A=P(1 + n r ) nt 2) AKS: Describe process of opening a checking and/or savings account, making deposits, and withdrawals. Use information below to fill in and balance the check register. ( You will need the check register spreadsheet) 1. Beginning balance \$256.89 2. Deposit \$347.98 3. Check #100 \$45.68 4. Check #101 \$12.58 to Atlanta Gas 5. Check #102 \$249.34 to Honda Finance 6. Deposit \$767.98 7. ATM withdrawal \$40.00 8. Check #103 \$58.92 to Jackson EMC 9. Check #104 \$78.25 to BellSouth 10. Check #105 \$56.25 to Publix 11. Check #106

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MMM Free Response - 1 AKS Compute simple and compound...

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