Process

Part I 

You just received $10,000 from a long lost uncle as a graduation gift.  You must decide which financial institution and what type of account you will put it in.  Your goal is to obtain as much interest as possible, because you have big plans for the future.

Steps:

(1)   Visit the websites of several financial institutions to determine which bank/account offers the best interest rates. Be aware of extra fees and required minimum balances.

(2)   Print the following worksheet.  It must be turned in with your final project.

(3)   Use the worksheet to record your findings for the top three saving accounts. 

(4)  Use the highest yielding interest rate to determine what your account will be worth in 10, 25, and 40 years. 

 

  

RESOURCES

Bank of America 

Chase Bank 

US Bank 

ING Direct HSB Direct

MSN 

Wells Fargo 

California Bank and Trust 

City National Bank 

  

 

Part II 

 

Now that you are commuting to work everyday, you are considering buying a new car.  However, you are undecided if you should invest in a new car or just keep the one you have.  You have heard that cars depreciate a lot, and you don't want to waste your hard earned money. 

Let's do a little investigating to see if cars really do depreciate and if so, by how much. 

Decide on a used automobile that you would like to purchase. Find the auto in an advertisement in the newspaper, car magazine, or internet. You must attach a copy of the advertisement to your work. The vehicle must be at least 3 years old. For it, you must:

Use this worksheet to record your findings. 

 

RESOURCES: 

Cars for Sale 

Auto Trader 

Kelley Blue Book 

Graphmatica 

Graph Func Online 

Web Graphing  

 
 

 

Part III

 

Again, use the worksheet to record your results. 

 

RESOURCES:

Prudential 

Tarbell 

Century 21 

Zillow 

 

Hint:  it may be easier to decide on a house in which you know the current owners.  You can ask them what they paid when they purchased the home.  Don't forget to find out what year they purchased it.  Then use a site such as Zillow to determine the current price of the house.