Alex: What Is Simple and Compound Interest?

Students will learn how simple and compound interest is figured and why it is important to maintain a savings account. Students will calculate compound interest to identify benefits of saving in interest-bearing savings accounts. They will learn the "Rule of 72" which states that your savings will double in a specified number of years. Students will learn how to become a millionaire when they retire by investing in a high-yield interest bearing investment strategy while they are in their 20's.