# Online LEI Lesson 2. Lesson 2 Savings Accounts and U.S. Savings Bonds LEARNING, EARNING

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1 Online LEI Lesson 2 Lesson 2 Savings Accounts and U.S. Savings Bonds On l i n e L E I 17

3 Online LEI Lesson 2 4. Introduce the concept of savings accounts. Tell the students that savings accounts offer savers several advantages over piggy banks, desk drawers and so on. One of the advantages is that banks pay interest on money saved in savings accounts. 5. Define interest as money paid for the use of someone else s money in this case, for the use of bank depositors savings. When people deposit their money in savings accounts, the banks can use the money to lend to others to people who want to buy a house or a car, for example. In return for using savings deposits in this way, banks pay interest to savings depositors. 6. Explain that when depositors open savings accounts, banks tell the depositors the interest rate they will earn on the money they save. An interest rate is the yearly interest payment on an amount saved, expressed as a percent. For example, a bank might pay 3 percent interest on money deposited in savings accounts. Interest rates vary as circumstances in the economy change. Explain that this page has 10 times 10 squares, or 100 squares. Discuss the following. There are 100 squares and each column has 10 squares. One column represents 10-hundredths or 10 out of 100 squares. Point out that this is the same amount of space represented by one-tenth of the previous page. Place the transparency of Activity 1 over the transparency of Activity 2 to demonstrate. Write 0.10 = 0.1 and state that 10-hundredths equals one-tenth. How many columns would represent 20 out of 100 squares? two Point out that 0.20 = Distribute a copy of Activities 1, 2 and 3 to each student. Tell the students they may work with a partner to answer the questions on Activity While the students work, color in 50 squares on the transparency of Activity Point out that to know how much interest they might earn at any given interest rate, people need to understand percents and decimals. Review the concept of percent as necessary, explaining that the term percent means per one hundred or an amount out of one hundred. Thus, an interest rate of 3 percent means that depositors will earn \$3.00 in interest per \$ deposited. 14. When the students have completed their work, project the transparency of Activity 2 and discuss the following. 8. Explain that a percent can also be written as a decimal. The 3 percent interest rate, for example, may be expressed as.03. Review decimals as necessary, explaining that a decimal is a number that represents a fraction, using numbers to the right of the decimal point to show tenths, hundredths, thousandths and so on. 15. Explain that decimals can be written as percents, using the transparency as needed. Fifty-hundredths represents 50 squares out of 100 squares, or 50 percent. Write 50% = 0.50 on the board. Seventy-five out of 100 is 75 percent or 75-hundredths. Write 75% = 0.75 on the board. 9. Project a transparency of Activity 1. Tell the students to count the number of columns on the transparency Explain that these columns can be used to understand tenths. Explain the following. There are 10 columns, so each of the columns represents one part of 10, or one-tenth of the page. Color in the first column on the page with a transparency pen. Write the decimal for one-tenth on the board. 0.1 How many columns would represent three-tenths? three How many columns would represent 10-tenths? Project a transparency of Activity 2. Tell the students to count the number of rows and the number of columns. 10 and 10 A. How do you write 50-hundredths? 0.50 B. How many columns out of 10 does 50-hundredths represent? five C. Does five-tenths equal 50-hundredths? Yes 16. Ask the students what four squares on the grid represent. Four out of 100, four-hundredths, and 4 percent. 17. Project another transparency of Activity 2. Explain that in this case each square on the grid represents one penny. Because there are 100 squares, the entire grid represents \$ Explain that if someone saved \$1.00 for a year and the bank paid the person 4 percent interest on the savings, the bank would pay four out of 100 pennies. At the end of the year, the person would have \$1.04 in the savings account. 19. Explain that if each square represented \$1.00, the entire grid would be \$100. If the bank paid 4 percent interest on \$100, the bank would pay four out of \$100 or \$4. Continue with additional examples as needed. 19

6 2 Savings Accounts and U.S. Savings Bonds LESS 2 ACTIVITY 1 UNDERSTING TENTHS 22

7 Online LEI Lesson 2 LESS 2 ACTIVITY 2 UNDERSTING HUNDREDTHS 23

8 2 Savings Accounts and U.S. Savings Bonds LESS 2 ACTIVITY 3 HOW MANY HUNDREDTHS EQUAL E-TENTH? Use the two pictures you were given to help you and your partner answer the following questions. 1. You or your partner should color in 50 squares on the grid of 100 squares. This is 50 out of 100 squares or 50-hundredths. Write 50-hundredths as a decimal. 2. How many columns does this represent on the 10-column page? 3. Does 0.50 = 0.5? 24

9 Online LEI Lesson 2 LESS 2 ACTIVITY 4 WHAT S A SAVINGS BD? Part I Hey, Mom! Morgan yelled. I got a birthday card in the mail from Uncle Jed. The card is really funny. Uncle Jed sent me something else, too. But, I don t know what it is. Look at this, she continued, walking into the kitchen. Morgan s mom looked at the card and laughed. She said, It is funny, and it was really nice of him to remember your birthday. What else did he send you? Morgan gave her mom the item from the card. Her mother looked at it and said, Morgan, this is a U.S. Savings Bond. This is a really nice gift. A. What is a savings bond? B. Have you ever received a savings bond? Part II Morgan said, It says \$50 on it. Is it a gift certificate? Can I use it at the mall? No, you can t, her mom replied. You won t be able to use it for a while. Why not? Morgan whined. He gave it to me. Morgan, her mother said, you can t spend a savings bond. A savings bond is a way for you to have money in the future. It is a way to save. She continued: This is a Series EE bond. That means that Uncle Jed paid half of the face value for the savings bond and sent the bond to you as a gift. You have to keep it for a number of years until it matures. Then you can collect the full face value of the bond. Mom, I didn t understand anything that you just said, Morgan replied. Could you explain what all of that means? 25

10 2 Savings Accounts and U.S. Savings Bonds 26

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