Use the compound interest formula: where r is the interest rate as a decimal, n is the number of times it is compounded in the time frame, t is the amount of time, and P is the starting value. Calculate your balance if you invest $1,000 for 1 year.

Financial Report Worksheet

Directions: Complete the financial report worksheet to help you with your calculations to create the APA report.

I Want To Pay Someone To Write My Paper. What Should I Do?

Share the details of your assignment with us, and we will match you with the most suitable writer for your project.

Get Help Now!

1. Go to your financial institution’s website or a local financial institution’s website and find the interest rate and compounding frequency (monthly, quarterly, annually, and so on) for a savings account. Record that here:

2. Use the compound interest formula: where r is the interest rate as a decimal, n is the number of times it is compounded in the time frame, t is the amount of time, and P is the starting value. Calculate your balance if you invest $1,000 for 1 year.

3. Using the compound interest formula, calculate your balance if you invest $1,000 for 5 years.

4. Now select a new compounding period (monthly, quarterly, annually, and so on) and redo your calculations from number 2 & 3, using the same interest rate.

5. Now select a new interest rate from another financial institution that is different than your starting one. Redo your calculations from numbers 2 & 3 with the new rate but keeping the same compounding frequency that you used in 2 & 3.

6. What did you learn about comparing the compounding frequency that interest is compounded?

7. What did you learn about comparing the interest rate?

8. Is it better to have a slightly higher rate or have interest compounded more often?