Download - Millionaire - Nine
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HOW TO BE A
MILLIONAIRE?
Nine Grade 8ii
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PERCENT If 25 families and 20 families believed that Ms. Graces millionaire technique worked.
The the percent of the families that believed Ms. Graces technique that worked is
80%
80% is to 4/5
(Percentage that didnt do their homework)
the percentage that did not do their homework is 5/25
multiply 25 by 4 it is 100.
multiply 5 by 4 it is 20.
20% did not do their homework.
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SIMPLE INTEREST
Simple interest is you start with an amount of money, it adds to
the money you start with by the percent of the income.
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COMPOUND INTEREST
Compound interest is using the money you started with and when
new income comes in, it gets added to the new income. You aremaking more money than simple interest. Simple interest, you have to
multiply the year. Compound interest, you have to put the year in
exponent.
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PERSONAL FINANCE
How do you earn income?
You work!
What do you do with your income?
Compound it
Why do you spend you income?
To eat, to live
Why do you save your income? Save for future life
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STEPS TO BE A MILLIONAIRE
1. Start saving money
2. Start saving early
3. dont spend a lot of money
4. Compound your money, you will get more money than a simple
interest
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UNCLE MORT
Uncle Mort is only providing you interest while youre in high school. You
figure you wont need that money until after you graduate college. After doing
a lot of research on the Internet you find a bank that offers different
compounding interest rates depending on the term of the investment. Once
invested it is then locked in for the time and cannot be withdrawn without
incurring penalties. At the end of 12thgrade, you are going to deposit all of
your money from Uncle Mort into a savings account. Calculate the interest
earned for the following
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8 % F O R 1 Y E A R , C A L C U L A T E D E V E RY 6 M O N T H S
(2417.62) (1+(0.082)^1
=2417.62 x (1.04)
=$2514.32
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1 0 % F O R 2 Y E A R S , C A L C U L A T E D E V E R Y 6 M O N T H S
(2514.32) x (1+(0.102)^1
=2514.32 x ( 1.05)^1
=$2640.036
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1 2 % F O R 3 Y E A R S , C A L C U L A T E D E V E R Y 6 M O N T H S
(2640.036) x (1+(0.122)^1
2640.036 x (1.06)
=$2798.44
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Q1.A
80%The amount of students is 25. The amount that thought Ms. Grace was correct was 20.
In fraction it would be 20/25. 100% = 100/100 [20/25 to 80/100] 80/100 = 80%
This is a simple interest.
What percent of students families thought Ms. Grace was correct?
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Q1.B
20%The amount of students that didnt do their work is 5. The amount of students in the
class is 25. In fraction it would be 5/25. [5/25 = 20/100] 20/100 = %20
This is a simple interest.
What percent of students fail to do their homework?
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Q.2
I earn income by getting money from my parents, which my parents left with his
friends. Who I am living with. I get $20 per day.
I use my income to eat.
I spend my income to live.
So I can save it for future things I want to buy or save it for somewhere I want to go.
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ACTIVITY 1-1 Q.1
I get $2 dollars a day. There is 180 days of a school year. In total
of 180 days I get $360 dollars. So it would be [180 x school year] =
$$$
Calculatethe amount of savings that you have at the end of each year. Please
show your work. Record your answers for each year in the SAVINGS column
of the table below
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ACTIVITY 1-1 Q.2
Opportunity cost:
I maybe would not buy a cookie or a pizza to save some money.
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ACTIVITY 1-1 Q.3
A + [ B x 180 ] = saving
A is the amount of pervious year balance
B is the amount of deposit each day which is $2
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UNCLE MORT
i. 8% for 1 year, calculated every 6 months
2417.62(1.04)2 = $2614.90 ($3870.69 / 6 years)
(2417.62) (1+(0.082))^1
ii. 10% for 2 years, calculated every 6 months
2417.62(1.025)4 = $ 2668.6 ($3251.43 / 6 years)
iii. 12% for 3 years, calculated every 6 months
2417.62(1.02)6 = $ 2722.63 ($3066.13 / 6 years)
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REMEMBER
Its never too late to start saving