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Math Models and Personal Finance - PowerPoint PPT Presentation

Everything you need to know about…. Math Models and Personal Finance. The Math Model. What is a Math Model? A Mathematical Representation of a situation, scenario, or set of data Or…

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Math Models and Personal Finance

What is a Math Model?

• A Mathematical Representation of a situation, scenario, or set of data

Or…

• A symbolic Representation of a situation, scenario or data set that involves numbers, graphs, tables, variables and operations.

Height

A Math Model Of A Dropped Ball!

Time

• The management of revenue, money, and resources

• We Are Going To Play A Game…

• You will be broken up into three groups

• Each group will be given a wage-based scenario

• You will have to choose a group member to read your scenario in front of the class and then after each scenario is read, within your groups you will have to decide which rate of pay would be best

Charlie is offered an initial lump sum of \$20 per shift, and he is then paid an additional \$2 per hour worked.

Ryan is offered an hourly wage of \$8 an hour.

Brent is offered a lump sum of \$50 per shift, but isn’t given an hourly wage.

• The Number of Shifts Worked!

Personal Finance [MBF3C and MEL3E]

• 2. Saving, Investing, and Borrowing

• 3. Transportation and Travel

• Different remuneration methods and different remuneration schedules

• Components of total earnings

• Payroll deductions

• Estimating costs

• Services available from financial institutions

• Simple and Compound Interest

• Pros, Cons, and Cost of Borrowing

• Procedures, Costs, and Responsibilities of owning a car

• Associated costs with various modes of transportation

• Saving, Investing, and Borrowing

• Transportation and Travel

• Annuities / Filing Income Tax

• Renting vs. Owning Accommodations

• Designing Budgets

Mathematical Models [MBF3C]

• Connecting Graphs and Equations of Quadratic Relations

• Connecting Graphs and Equations of Exponential Relations

• Solving Problems Involving Exponential Relations

Investigate the graph y = 3(x – h)2 + 5 for various values of h,using technology, and describe the effects of changing h in terms of a transformations.

Explain in a variety of ways how you can distinguish exponential growths represented by y = 2x from quadratic growths represented by y = x2 and linear growth represented by y = 2x

The height, h meters, of a ball after n bounces is given by the equation h = 2(0.6)n . Determine the height of the ball after 3 bounces.

• Solving Exponential Equations

• Modeling Graphically

• Modeling Algebraically

House Prices, Population Growth,andWhat Happened?

House Prices, Population Growth, and What Happened?

• Given the following graph, describe the trend in Canadian house prices, population and immigration growth.

• Describe some factors that many have influences these trends.

• Predict what the graph would look like if it extended to 2010. Provide your explanation.

Practicum Experience: Trend Recognition

• While teaching a MAP4C course…

• Important ‘take home’ elements for the students were based in trend recognition and real world application and connection.

The Next Few Slides Make Up A Sample Taken From A Lesson That I Taught

Linear

• Not Linear

Other

• Exponential Models – A model that shows the same ratio of change over equal intervals.

• The same first quotients across the data set.

The Ratio of Change:

Similar to the First Difference, we divide the data term from the previous data term to find the Ratio of Change (First Quotient)

What kind of model would we use to represent someone’s income if they are making a certain wage per hour?

• Linear

What kind of model would we use to represent the growth of money in a bank account with interest?

• Exponential

As Shown, the important elements are trend recognition and understanding what the trend means when relating it to real world applications

Questions understanding what the trend means when relating it to real world applications

• Is this relatable to your own practicum experience?

• Do you have any questions or concerns?

• Share one thing that you learned from this presentation (new, surprising, or interesting).