Reference no: EM132360811 , Length: word count:1500
Mathematical Patterns and Relationships Assignment -
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.
ASSUMPTIONS YOU NEED TO MAKE WHEN COMPLETING THIS ASSIGNMENT
To successfully complete this assignment, you need to assume that:
- 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.
- You are living independently and are responsible for your own living expenses.
- You will use your salary to budget for the project.
- Your budgeting takes place during your first year of teaching that is, from 1st January 2019 to the 31st December 2019.
- You can only use the money you earn during the year.
- You do not have to pay superannuation, Medicare levies or HECS payments.
- You have 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 are not allowed to 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) UK (ii) US or (iii) China, at the end of year break (Dec 2019/Jan 2020).
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 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 much insurance will you need to pay? How will you pay for this insurance? Compare the rates charged by different companies.
- 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? You will need to consider all your expenses.
- 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 or a birthday party or other celebration. The party will be held in December 2019 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 for security issues?
- How will you handle the clean-up?
- What are the alternatives? How much do they cost? Make some comparisons.
WHAT DO YOU NEED TO SUBMIT FOR THIS ASSIGNMENT?
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 that you made of the various options you considered for your project e.g. comparison of the costs tours with different companies, or the different makes of car, or different venues for your celebration. Provide an explanation for why your preferred choice.
Your strategies for financing the project. You should consider borrowing money so that you can show your understanding of the mathematical processes that underpin interest rates and repayments. You can decide not to use credit if you prefer, but should show some understanding of what credit costs.
Your budgeting strategies for a year.
2. The Budgeting Section
You need to explain:
Your fortnightly income after tax
Your living expenses 7
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 method and one alternative method. Working should be shown. You should also include a percentage and a fraction calculation.
You should explain the methods in detail so that a person 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:
The results of your investigation. Was your budgeting for the project successful? 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?
4. Referencing
The references used should be shown in text and in a reference list at the end of your assignment, using APA style.
Attachment:- Mathematical Patterns and Relationships Assignment Files.rar