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  • Hi son. Today we will be setting up a savings account for you. Now you will have a safe place to store your money rather than just leaving cash lying around the house.
  • That sounds cool dad!
  • Hey Dad. What even is a savings account?
  • That's a very good question.
  • A savings account is a safe place to keep your money. One of the advantages to having one is that you can make interest from the bank.
  • Interest? What's that?
  • Interest is payment from the bank for lending them your money while it is in the savings account. You can calculate interest by using the formula A=P(1+rt).
  • What do all of those variables stand for?
  • A stands for the total amount (principal+interest). P stands for the principal amount, I stands for interest amount, r stands for interest rate per year, and t stands for time period. 
  • Can you show me an example?
  • Say you have $10,000 in your account. If you leave it in the account for 5 years and the interest rate is 4%, you will end up with $12,00 in your account. 10,000(1+(0.04*5))=12,000.
  • Thanks Dad. Now I understand how interest works. Let's go set up this account!
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