MGF 1107 Explorations in Math
Put the following research and information in a Power Point presentation. It should have pictures or illustrations for all items mentioned. Give a works cited page that has a clickable link for each web page you reference with a written description of where the website is from and what it is about.
Pretend you are in the situation described below. Base your decisions on yourself as much as possible.
You are going to finish school and get a job based on your education.
Based on the income from this job, you are going to take a loan for a home and a vehicle.
You are also going to save up to start a college fund for a child.
Education
Use one of the following situations based on yourself.
- You complete your Associate degree at Polk State College and learn a skill you can get a job with, so you do not need a Bachelor’s degree. Give the degree you are pursing and a short description of what is learned in that degree program.
- You complete your Associate degree at Polk State College, then continue your education at a university and earn a Bachelor’s degree. Give the university you plan to attend and a short description of its history and current statistics about it. Also, give the degree you are pursing and a short description of what is learned in that degree program.
- You are currently a university student and are now a transient student at Polk State College. Give the university you are attending and a short description of its history and current statistics about it. Also, give the degree you are pursing and a short description of what is learned in that degree program.
If you plan on pursing a Master’s degree or Ph. D., choose a school to attend and a program. Give a brief description of this school with its history and current statistics of just your program at the school. Also, give a short description of the program and what you think you would learn by taking it.
Occupation
Based on your education, choose a career. Research this career and, in your own words, describe what a typical day in this career is like. Also, give the purpose of the career and how it contributes to our society. This should be written by you and not copied and pasted.
Find the average starting yearly salary of this career at http://www.salary.com/. The 25th percentile number is a good indicator of starting yearly salary.
Income
The federal tax rate is 22%. Find how much money you would take home every month by:
- Take yearly salary and multiply by 0.78
- Divide this number by 12
This will be referred to as “income.” Assume this is your only source of money.
From this monthly income you will have to make payments on a house, a car, put money towards saving up for a child’s college fund, and have enough left over to live.
Mortgage
Go to www.zillow.com and find a home in your price range, based on your income. Please give a specific house, with picture, price, address, and description (number of rooms, kinds of rooms, features, etc.). From this price figure out the monthly payment on a mortgage using this website:
http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
Use 3.75% interest rate over a 30 year term. Ignore taxes and insurance.Vehicle Loan
Go to the website of a vehicle dealership. Find a new or used vehicle. Give a specific vehicle (year, make, model, miles, picture, name/location of dealership, etc.) and figure what the monthly payment would be using this website:
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
Use a 4% interest rate over a 5 year term.
College Fund Payment
You will be having a child and you want to establish a college fund for the child.
Figure out how much money the child would need to pay for college, when the child turns 18, based on current education prices. Consider your income when choosing the price of the school. Call this amount “Future Value.”
Using the formulas of 13.1, find the principle you would need to invest to have the future value for college when the child is 18 years old.
Use 6% continuously compounded interest.
Give yourself three years to save this up (36 months). Find how much you would have to pay each month to have the principle needed in 3 years.
Do the math!
Take your monthly income and subtract the mortgage, vehicle loan, and college fund payment. Find how much is left to pay other bills and live on after these obligations are met
Summarize your findings on the lifestyle you can support with your education and future career. What did you learn from this project? Will this project influence any of your future decisions? Please do not leave out any parts!
This project should be done as if you are a working professional and will submit the project to your boss. I expect it to be creative, intelligent, virtually free of errors, and visually appealing.
The grading scheme:
5 or 10 points deducted for each piece that is missing or incorrect.
5 extra points will be given to projects that are exceptional.
Once the score goes below 60, the project will be graded as zero.
Projects that clearly have not been proof read and have several minor errors or one major error will be automatically graded as zero.
I want nothing but your best. If you give me something that is not your best, I would rather not have it at all.
Remember that the project grades are meant to help your grade.
I hope the project is explained well. If you have any questions, please ask!
I look forward to reading some awesome projects