1. Bell Work: Monday the 16th of May
In 5 years time how will you pay for things? What types of bank accounts, credit cards, and how many of each will you have?

2. Agenda
Bell Work and discussion
Savings notes
Flashcards
ToD p.502 Questions 2, 3, & 5
Stock Market Check / Everfi Clean UP

3. Savings
Interest: The $ paid to you by the bank as a fee for getting to use your $.
Simple Interest: you only earn $ on what you put into the bank
Compounding Interest: You earn $ on what you put into the bank AND off interest that you have already acrued.

4. $ $ $ + interest $ + interest
Person putting money into a savings account
Person getting a loan from the bank
$ + interest
$ + interest

5. Savings
Rule of 72: How long until your $ will double?
Find out the interest rate (ex. 4%)
72 divided by 4 = 18 years to double your $

6. Savings
Savings Vehicles:
Savings Account -
Most basic, easy to access, earns low interest, low minimum balance
Money Market Account -
Can write checks, high interest, high minimum balance

7. Savings
Savings Vehicles:
Certificate of Deposit (CD)
Held for a certain time
Longer the bank keeps your $ the more you make
If you take it out before it’s time you get charged a penalty (lose $)

8. Read pp
Create Flashcards for…
Needs, Wants, Economics, Microeconomics, Macroeconomics, Economic Model, Economic System, Resources, Scarcity
Word,Definition, example or nonexample and a memory clue (picture or word that helps you remember the definition)
Answer Questions 2,3,&5 on p.502