Objectives
ACMNA229 - Connect the compound interest formula to repeated applications of simple interest using appropriate digital technologies
Vocabulary
- Simple Interest
- Compound Interest
- Investment
- Balance
- Spreadsheet
About the Lesson
Students create a spreadsheet to calculate the growth of a simple interest investment over a number of years. They then create a similar spreadsheet to calculate the growth of a compound interest investment. Students compare their results to determine which one is the better investment.