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Can You be a Millionaire?: Student Worksheet

Student Worksheet

 Questions 1-10 are worth 1 point each <> 1.  If you earn 12% APR compounded monthly, what is your rate of  interest earned    each month? 1. __________________ 2.  If you are earning 12% interest each year (APR) and it’s compounded monthly, what is your percent of yield per year?  (annual yield = one year’s worth of interest on only the principal divided by the original principal – without any additional deposits) 2. Annual Yield =________% 3.  When is your birthday (month and year)? 3. __________________ 4.  a) When will you be 18 (month and year)?                 b) How much will you be making a deposit for on the first of the month when you turn 18? 4a)__________________ 4b)__________________ 5.  a)  When will you be 21 (month and year)?      b)  How much will you be making a deposit for on the first of the month when you turn 21? 5a)__________________ 5b)__________________ 6.  a)  When will you be 25 (month and year)?      b)  How much will you be making a deposit for on the first of the month when you turn 25? 6a)__________________ 6b)__________________ 7.  Is it possible to become a millionaire without winning the lottery or going on a game show? YES      NO If your answer to #7 is yes, then answer questions 8 – 10.            8.  If it is possible to become a millionaire, when will it happen? 8. _____________ (DATE) 9.  How old will you be when you become a millionaire? 9. ______ years _____ months 10. If you put your money into a bank account that compounds your money daily (instead of quarterly) will you become a millionaire more quickly or more slowly? 10.        Faster      Slower

ANSWER all of these after you do your calculations…. (4 points each)

11.  What do you notice about the interest payments as time goes on?

12.  If the bank lowered its APR to 10%, would it take more or less time for your bank account to reach the \$1,000,000 mark?  Exactly when would you become a millionaire with this APR?

13.  Now, assume the bank still offers 12% APR compounded monthly but you were only able to make an initial deposit of \$200.00 instead of \$15,000.  Can you still become a millionaire in an average lifetime?  If so, when would this occur for you?

14.  With the original savings account (having an initial deposit of \$15,000), when will you be a multi-millionaire?  (i.e.  when will you have at least \$2 million in the bank?)

15.  What have you learned from this project about investing money?  Do you think it is a good idea to put money in the bank?  Why or why not?

# EXTRA CREDIT

(For 25 extra points) Calculate your balance using daily interest with
initial deposit = \$15,000 and interest =12%.

Do you think you will become a millionaire more quickly if you compound interest daily?

When will you become a millionaire with daily compounded interest?

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