# It pays to save

*Keywords:*

AO elaboration and other teaching resources

AO elaboration and other teaching resources

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

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.

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?

### The procedural approach (show more)

- The student is able to make the appropriate calculations, systematically, to lead to the solution.

### The conceptual approach (show more)

- The student is able to find the solution set to a problem, using the patterns and relationships described.

Attachment | Size |
---|---|

ItPaysToSave_full.pdf | 617.79 KB |

ItPaysToSave_conceptual.pdf | 194.01 KB |

ItPaysToSave_procedural.pdf | 195 KB |