Unit 1 Lesson 2
Problem-Based Task 1.1.2: Searching for a Greater Savings
Austin plans to open a savings account. The amount of money in a savings account can be found by using the equation s = p • (1 + r)twhere p is the principal, or the original amount deposited into the account; r is the rate of interest; and t is the amount of time. Austin is considering two savings accounts. He will deposit $1,000.00 as the principal into either account. In Account A, the interest rate will be 0.015 per year for 5 years. In Account B, the interest rate will be 0.02 per year for 3 years. If he could, would it be wise for Austin to leave his money in the account that has less savings for an additional year? Explain your reasoning.
- What is the total amount in Austin’s savings if he chooses Account A?
- What is the total amount in Austin’s savings if he chooses Account B?
- Which account has more money at the end of the term?
- If Austin left his money in the account that has less savings for an additional year, would thischange which account he might select? Explain your answer.
- Is the expression 2 • 4xequal to the expression 8x? Explain your answer.
- Is the expression (5 • 2)xequal to the expression 10x ? Explain your answer.
- Absolute Cable company bills on a monthly basis. Each bill includes a $30.00 service fee plus$4.75 in taxes and $2.99 for each movie purchased. The following expression describes the costof the cable service per month: 34.75 + 2.99m. If Absolute Cable lowers the service fee, how willthe expression change?
- For what values of x will the result of 5x be greater than 1?
- The product of 7, x, and y is represented by the expression 7xy. If the value of x is negative, whatcan be said about the value of y in order for the product to remain positive?