Part A — Savings goals, expenses & interest
Saving towards a goal means planning how much to put aside and predicting expenses along the way. Money saved with a bank also earns interest — the bank pays you a little extra for keeping your money there.
Reading the savings tracker
Q1. From the graph, how much is saved after month 3? After month 5?
Q2. How much is added each month? Write the rule linking month number to total saved.
Q3. In which month is the $120 goal reached?
Plan a savings goal
Q4. Ravi wants a $90 scooter and can save $15 a week. (a) How many weeks until he reaches $90? (b) Describe his savings bar after 4 weeks.
Q5. Tara saves $8 each week for 6 weeks but spends $10 in week 4. How much does she have after 6 weeks?
Predict expenses
Q6. A school camp costs: bus $25, food $40, activities $30. Estimate the total, then find the exact cost. How much should each of 4 friends contribute if shared equally?
Interest (the idea)
Q7. Explain in one sentence why money left in a bank savings account can grow even if you add nothing to it.
Q8. $100 in an account earns $3 interest in a year. How much is in the account after one year?