SS.8.FL.3.4

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Explain that, when interest rates increase, people earn more on their savings and their savings grow more quickly.

Remarks

Calculate the total amount of interest earned on two certificates of deposit—one with a higher rate of interest than the other—and explain how the certificate of deposit with the higher interest rate can help a saver reach his or her savings goal faster.
General Information
Subject Area: Social Studies
Grade: 8
Strand: Financial Literacy
Standard: Identify and compare the different means and risks of saving and investing money, including the impact of inflation and interest rates.
Date Adopted or Revised: 06/14
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
2104060: M/J Introduction to Personal Financial Literacy (Specifically in versions: 2019 - 2022, 2022 - 2023, 2023 - 2024, 2024 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
SS.8.FL.3.AP.4: Identify how when interest rates increase, people earn more on their savings and their savings grow more quickly.

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Lesson Plan

Comparing Simple Interest and Compound Interest:

Students will analyze and manipulate a spreadsheet to compare the effects of simple interest and compound interest when borrowing or saving money, in this lesson plan.

Type: Lesson Plan

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