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Business Math - Share and Deposit Accounts course (print)

Business Math - Share and Deposit Accounts course (print)

Product Code:
S1307M

This course will familiarize you with calculations relating to share accounts and other deposit accounts.

Includes:
  • One CPD Online Complimentary Exam

  • $110.00
    Non Member Price
  • $55.00
    CUNA Member Price
 
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This course will familiarize you with calculations relating to share accounts and other deposit accounts. All credit union employees need good math skills as a core competency. This course features interactive online activities as a part of the print-based course.

This is a CUNA STAR course.

Topics include:

Basic Math Definitions:

  • Convert percentages to decimals
  • Calculate annual rates of return and annualized rates of return
  • Define basis point and determine the number of basis points in a dividend rate change
  • Explain the difference between accrued and credited dividends
  • Define compounding, and explain how it can increase the amount earned on a share account
  • Calculate the average daily balance of a share account

Share Account Dividends:

  • Determine end-of-day balances on accounts
  • Calculate daily balance dividends and average daily balance dividends
  • Calculate dividend rates for periods of different lengths, when given an annual dividend rate
  • Explain factors that cause dividend earnings to fluctuate from one period to another
  • Round dividend amounts and rates

Account Balances and Dividend Calculations:

  • Explain and calculate dividends for accounts with minimum balance requirements
  • Define tiered-rate account
  • Explain the difference between tier methods A and B and how that difference affects dividends
  • Calculate dividends for accounts with tiered rates
  • Define and explain how to calculate dividends on stepped-rate accounts

Dividend Compounding and Annual Percentage Yield (APY):

  • Define and calculate annual percentage yield (APY) and state the basic formula for open-end and 365-day accounts
  • Explain how members can use APYs to compare yields on different accounts
  • Describe the effects of low and high dividend rates on APY calculations
  • Explain differences in disclosing APYs on accounts with minimum balance requirements to earn dividends, tiered-rate accounts, stepped-rate accounts, and certificates
  • Define annual percentage yield earned (APYE) and explain why the APYE for a members account might be higher or lower than the accounts APY

Helping Members Reach Savings Goals:

  • Calculate the approximate doubling of an investment by using the Rule of 72s
  • Calculate the future value of an initial deposit by using a future value table
  • Calculate the amount of an initial deposit to achieve a future value
  • Calculate growth of a continuing series of annual deposits by using a future value of annuity (FVA) table
  • Calculate how much to deposit annually to achieve a future value

A comprehensive, five-part exam is included through CUNA Professional Development Online (CPD Online). Additional exams can be purchased for $24.50 each.

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Have a question? Email or call 800-356-8010 ext. 3.