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# It pays to save

Keywords:
Achievement Objectives:

Achievement Objective: NA4-2: Understand addition and subtraction of fractions, decimals, and integers.
AO elaboration and other teaching resources
Achievement Objective: NA4-3: Find fractions, decimals, and percentages of amounts expressed as whole numbers, simple fractions, and decimals.
AO elaboration and other teaching resources

Purpose:

The purpose of this activity is to engage students in solving a problem involving decimals (currency) and percentages.

Description of mathematics:

The background knowledge and skills that need to be established before and/or during this activity are outlined in the diagram below:

Click to show example questions for each heading

This activity may be carried out with step by step guidance, or by allowing the student to follow their own method of solution. The approach should be chosen in sympathy with students' skills and depth of understanding.

Activity:

Gabby is opening a savings account with \$200.

The bank pays 5% interest on the balance each year and charges \$5 fees at the end of each year.

If she doesn't do anything else with her account, what will the balance be after five years?