It pays to save

Purpose

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

Achievement Objectives
NA4-2: Understand addition and subtraction of fractions, decimals, and integers.
NA4-3: Find fractions, decimals, and percentages of amounts expressed as whole numbers, simple fractions, and decimals.
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?

 

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.

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