Reference no: EM132966007 , Length: word count:2000

Essay

In order for mathematics to be seen as being relevant to a person's life, it needs to be linked to real life. This assignment has been designed around several real-life scenarios that will involve the use of financial literacy skills. In completing the investigation, you will have the opportunity to demonstrate your knowledge and understanding of some of the content and processes relevant to this Unit.

PURPOSE

The assignment links with outcomes 1 and 4 of the unit outcomes. However, links with other outcomes may take place depending upon the focus of the investigation.

ASSIGNMENT PROCESS

This assignment involves the use of a financial literacy investigation. You are required to write a report on your investigation of one of the real-life scenarios shown in the Assignment Topics below.

The assessment topics give you the opportunity to:

1. Investigate a real-life problem.
2. Investigate the type of mathematics that is inherent in the solving of everyday problems.
3. Demonstrate your ability to plan and budget
4. Demonstrate your understanding of the concepts, understandings and processes that have been introduced in this unit.
5. Be creative in the way you investigate the problem.

To successfully complete this assignment, you need to assume that:

1. You have completed your Master of Teaching degree. Your salary will be that of a first-year teacher on the Step 5 Salary Level. You have to pay income tax on this salary.
2. You are living independently and are responsible for your own living expenses.
3. You will use your salary to budget for the project.
4. Your budgeting takes place during your first year of teaching, that is, from 1st January 2021 to the 31st December 2021
5. You can only use the money you earn during the year.
6. You do not have to pay superannuation, Medicare levies or HECS payments.
7. You have the cost-of-living expenses, e.g. rent, food, heating and lighting, telephone, travel expenses, clothing requirements.

These should be factored into your budget.

ASSIGNMENT REQUIREMENTS

Select one of the assignment topics below and prepare a report on the selected topic. If you have previously completed this unit, you cannot use any part of your previous assignment.

Treat this assignment as a real-life event so that your enthusiasm and creativity are evident in your investigation report.

Assignment Topics

Choose one of these topics for your investigation report.

Topic 1 - Plan to take a three-week holiday at one of the following destinations:

(i) Germany, (ii) Canada or (iii) Japan, at the end of year break (Dec 2021/Jan 2022).

If you choose this topic, these are some of the issues that you will need to consider:

- The dates for your holiday.
- How you will plan your holiday itinerary.
- Your travel requirements and all the costs involved.
- Accommodation costs while you are on holiday. You must pay for all your living costs.
- The cost of tours and activities in which you will be involved.
- The cost of meals not covered in your accommodation.
- Spending money.
- How will you budget for this holiday?
- What are the alternatives? How much do they cost? Make some comparisons.

Topic 2. - You require a car to travel to and from work and for leisure. Is it more cost-effective to buy a petrol, natural gas or hybrid (petrol and electric) car?

Describe how you would budget for the cost of the car and the running costs. You could consider whether to lease or purchase the car.

If you choose this topic, here are some examples of the issues you will need to consider:

- What make and model of car will you choose and why?
- What type of car will you buy? (petrol, gas or hybrid)
- How will you pay for the car? (lease or purchase)
- How will on-road costs be involved?
- How will you pay for this insurance? - How much insurance will you need to pay? Compare the rates charged by different companies.
You will need to consider all your expenses. - How much will the running costs, such as petrol usage and servicing, will you need to pay?
- How will you budget for your use of the car?
- What are the alternatives? How much do they cost? Make some comparisons.

Topic 3 - You want to celebrate a major event, either for yourself or a family member or friend, such as an engagement party, birthday party, or other celebration. The party will be held in December 2021 for 100 guests.

If you choose this topic, here are some examples of the issues you will need to consider:
- What food, drink, and entertainment will you provide?
- What is the venue?
- How will you decorate?
- What will you do about security issues?
- How will you handle the clean-up?
- What are the alternatives? How much do they cost? Make some comparisons.

1. A Contextual Statement

In this statement, you are required to discuss:

- Your job and income, where you live, transport options, lifestyle choices, and reasons for choosing this topic.
- How you will conduct the investigation.
The comparisons you made of the various options you considered for your project, e.g., comparing the costs of tours with different companies, the different makes of car, or different venues for your celebration. Explain why your preferred choice.
- Your strategies for financing the project. It would help if you considered borrowing money to show your understanding of the mathematical processes that underpin interest rates and repayments. You can decide not to use credit if you prefer, but you should understand what credit costs.

- Your fortnightly income after tax
- Your living expenses
- Your budgeting strategies for a year.

2. The Budgeting Section

You need to show the calculations:
- The salary
- The regular expenses during the year
- The amount you expect to be able to save
- The cost of your project
It is also appropriate to use tables or graphs to illustrate the use you will make of your income.

You must provide examples of the mathematical processes and examples of calculations you used in the investigation.

This section of your report allows you to demonstrate your understanding of the mathematical processes and algorithms you have used in your budgeting.

You should give at least ten examples of explanations for calculations you have made, showing addition, subtraction, multiplication, and division using two methods, including the standard and alternative methods. Working out should be shown. You should also include a percentage and a fraction calculation.

You should explain your methods so that students unfamiliar with the algorithms could learn to use them correctly.

3. The Reflective Statement
In this section of your assignment, you need to discuss the following:
Was your budgeting for the project successful?

- The results of your investigation. If this was not the case, how could you change your budgeting?
- If you were planning this project again, what changes would you make?
- Did you encounter any difficulties with the investigation? How did you overcome these difficulties?
- What have you learned from this investigation?

Length: Equivalent of 2000 words