Week Six - Virtual Manipulative - Savings Calculator

Virtual Manipulative - Savings Calculator
Grade Level: 6 - 8
Category: Data Analysis & Probability
Link: Savings Calculator

When I was searching for a virtual manipulative I wanted to select something that could help students in the "real world". Obviously, when I came across this savings calculator I knew that students would learn something that they would need to know for banking purposes. Thus, this virtual manipulative has practical applications, and it would likely spark interest in many students. As a result, this is a "must use" application when the topic of compound interest is discussed.

Developing an understanding of compound interest is important. However, since it is a challenging topic, it is important to clearly demonstrate the results of compound interest. Without a clear demonstration of the results of a compound interest account, students may develop the misconception that whether or not interest is compounded is insignificant.

This application is perfect for demonstrating the significance of compound interest. Not only can students see the result of investing money in an account with compounding interest, but they also can see the difference between interest that is compounded daily, weekly, monthly, quarterly, and annually. In fact, I know many adults who do not understand the different types of compound interest, and this program demonstrates to students the difference in terms of the outcome.

My main recommendation to teachers that they enter large numbers for the deposits. This will lead to a more dramatic difference in interest earned for the different types of compound interest. I also suggest that teachers utilize this application in an introductory lesson as park of a "hook" to grab students' attention. In addition, this application can be used later on in a unit on compound interest to demonstrate the difference between different types of compound interest.

By using an application like this one, it is possible to spark student interest in mathematics. Today's students really need to know that what they are learning could impact their lives. This application can be used to prove to students that what is being taught in math class can affect their lives.