How long would you leave a $50 investment in a bank, with 2% interest, compounded annually, to yield a balance of $500?
Applicable, yes, but how enticing is it, really?
My grandmother passed away several years ago, and I miss her plenty. I'm certain my daughters would have enjoyed meeting her and hearing some of her stories, too. Or the way she could teach a new card game almost every time I went to visit her.
One of my favorite memories of visiting Grandma's house was how she would make enough popcorn to fill half a paper grocery bag, then keep it warm in her stove. And she was always generous in using salt on her popcorn, which I consider an extra perk.
The math teacher in me can't leave this alone though. Knowing the end balance of these savings bonds' values, I'm curious about what the interest rate was, but realize that Grandma kept adding to the collection of bonds, which would make this more of a recursive function.
Nevertheless, I greatly appreciate her generosity, even long after she left this world. It definitely makes for a great Act 1 in the 3-Act lesson format, and I'd love to figure out how to get through Act 2 to find the result in Act 3, but am uncertain as to where to go next.
This might be a better example to leave to rest though. Take a moment with your Grandma next time you are with her. She just might bless you with this sort of curiosity someday like mine did.