Reference no: EM132246603 , Length: 10 pages

Context

Each year a significant number of people will travel to the many ski resorts around the world to enjoy winter sports. These people need to understand the financial requirements of such a trip, including fixed and discretionary spending in order to develop a personal budget based on their income.

Task

Investigate the financial requirements of s person aiming to travel from Australia to New Zealand for the winter skiing holidays. Produce a personal budget based on the results of your mathematical research, then refine the model to ensure the person can afford the winter skiing holidays. You are to assume that the person:

• is a university student
• has a part-time job
• is entitled to government support
• will be skiing or site seeing evey day of the holidays.

You must use:

• the approach to problem -solving and mathematical modelling provided
• different data to other students in our class and school.

PROBLEM-SOLVING AND MATHEMATICAL MODELLING STRUCTURE

Stage 1 - Formulate -

In this task you will investigate the financial requirements of a person aiming to travel from Australia to the New Zealand ski resort.

Your report should include:

the person's income, including the part- time job and any government allowances the person is entitled to exchange rates for foreign currency while on holidays

Design a detailed plan, identifying the mathematical procedures required to solve this problem. Remember to state any necessary assumptions, variables and observations. You must also explain how you will make use of technology.

SOLVE
Develop a budget to explain how the person could afford the trip. Consider any necessary assumptions, variables and observations in your calculations. You will make further refinements in Stage 3, as necessary.

The budget should include:
income from the appropriate government allowances
income from a part- time job
weekly? fortnightly living expenses
weekly/fortnightly savings.
How will the person finance the trip? You will need to show the cost of airfares, accommodation, food and entertainment, including potential increases due to inflation, and the use of exchange rates to buy and sell foreign currency while on the trip and on return.

You must use technology efficiently and show detailed calculations demonstrating the procedures used to plan and budget for the trip.

EVALUATE & VERIFY

Evaluate the reasonableness of your original solution.

Based on your budget, consider whether the person can afford the trip. Look at the strengths and limitations of your plan and make any necessary changes - extra costs, changes to spending in the budget to assist in saving more money.

Justify and explain all procedures you have used and decisions you have made. How valid is your solution?

COMMUNICATION
Once you have completed all necessary calculations, you should consider how you have communicated all aspects of your report. Communicate using appropriate language that refers to the calculations and tables included in previous sections. Your response should be organised in a coherent and concise manner.
Ensure you have: solution
used mathematical, statistical and everyday language
. considered the strengths and limitations of your drawn conclusions by discussing your results included recommendations.