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show complete work step by step and calculations Financial Literacy Warmup...

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Accounting

show complete work step by step and calculations
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Financial Literacy Warmup 1 Investment Growth Name_ Submitted: date Time As we begin our second unit, we're going to look at another application of exponential growth: your finances. First, review the three definitions at the top of your Unit 2 Key Ideas handout. For now, we'll look at a simplified example-then we'll get more realistic during the rest of this class and next. Let's say you find an account that offers a 2% APR, compounded annually, and you deposit $500 1. (3 points) Fill out the following table, which I've started for you. Round each dollar value to the nearest penny, and use the rounded value to calculate the next amount. Years after Balance at the Interest earned New balance deposit beginning of the that year year 0 $500 $10 $510 1 $510 2 3 4 5 6 2. (1 point) Use what you remember from our exponential modeling section to come up with a formula that will give you the account's balance, B, after y years. 3. (1 point) (w) Now use your formula to figure out what the balance would be after 30 years

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