Compound interest calculations
I can carry out compound interest calculations.
Compound interest calculations
I can carry out compound interest calculations.
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Lesson details
Key learning points
- Compound interest is recalculated at each stage.
- By considering the calculations for compound interest, you can be more efficient.
- Through understanding the structure, you can reverse the calculations to find the original amount.
- Calculators are very useful here as they can be programmed efficiently.
Keywords
Compound interest - Compound interest is the interest calculated on the original amount and the interest accumulated over the previous period.
Common misconception
Failing to understand the difference between simple and compound interest. And, therefore finding the interest for one time period and multiplying it by the number of time periods.
Pupils can forget to transfer the year end balance as the starting balance of the next year. Using repeated language can help. E.g. "At the end of year 2 there was ... in the account, so, at the beginning of year 3 there was ... in the account."
To help you plan your year 10 maths lesson on: Compound interest calculations, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your year 10 maths lesson on: Compound interest calculations, download all teaching resources for free and adapt to suit your pupils' needs.
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