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    LIBERAL ARTS MATHEMATICS 
    HOME LEARNING ASSIGNMENT
    Quarter 4
     
     

    Task

    During this assignment, you will imagine that you are a recent college graduate.  You must use your knowledge of exponential growth and decay functions to make some important financial decisions.  For example, you will have to decide where you will bank and invest your money.  You will also decide whether or not investing large amounts of money into a home or automobile are wise financial decisions.  

    Process

    Part I 

    You just received $5,000 from a long lost cousin as a graduation gift.  Decide what type of account you will place it in and decide the financial institution.  Your goal is to obtain as much interest as possible, because you have big plans for the future.

    Steps:

    (1)   Visit the websites of several financial institutions to determine which bank/account offers the best interest rates. Be aware of extra fees and required minimum balances. You do NOT have to use the banks listed. These are options only. If you can find a better interest rate elsewhere, by all means, go for it!
    Wells Fargo

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    CA Bank & Trust
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    City National Bank
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    ING Direct

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    Chase Bank

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    Citi Bank

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    Bank of America

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    (2)   Print the following worksheet. It must be turned in with your final project.
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    Click here for worksheet.
    (3)   Use the worksheet to record your findings for the top three saving accounts. 

    (4)  Use the highest yielding interest rate to determine what your account will be worth in 10, 25, and 40 years.
    Part II 

    Now that you are commuting to work everyday, you are considering buying a new car.  However, you are undecided if you should invest in a new car or just keep the one you have.  You have heard that cars depreciate a lot, and you don't want to waste your hard earned money.  

    Let's do a little investigating to see if cars really do depreciate and if so, by how much.  

    Decide on a used automobile that you would like to purchase. Find the auto in an advertisement in the newspaper, car magazine, or internet. You must attach a copy of the advertisement to your work. The vehicle must be at least 3 years old. For it, you must:

    • Determine the current price.
    • Determine the original price when the car was sold new.
    • What is the rate of depreciation? Write an equation that represents the model of the car’s depreciation.
    • Using that model, what will the car be worth in 5 years?
    • Graph the information above. You may sketch your graph using graph paper or use an online graphing program.
    • When will the car be worth zero?
    • Is a car an investment? Why or why not?
    Print the following worksheet. It must be turned in with your final project. Use it to record your findings.
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    Resources
    Carsforsale.com
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    Carmax.com
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    Auto Trader
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    Kelly Blue Book
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    Part III
    • Decide on a house that is being advertised for sale.  Include a copy of the advertisement in your work. 
    • What is the current value of the house?
    • How old is the house?
    • What was the original price of the home or the price of the home when purchased years ago?
    • What is the rate of appreciation? Write an equation to represent the home’s appreciation.
    • Using that model, what will be the price of the home in 10 years?
    • Show a graph of the information above.  You may sketch your graph on graph paper, or use an online graphing program.
    • When will the home triple in value? (From current value)
    • Is a house an investment? Why or why not?   
     
    Hint:  it may be easier to decide on a house in which you know the current owners.  You can ask them what they paid when they purchased the home.  Don't forget to find out what year they purchased it.  Then use a site such as Zillow to determine the current price of the house. 

    Print the following worksheet. It must be turned in with your final project. Use it to record your findings.
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    Resources
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    Assesment

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    Conclusion

    Well, hopefully after completing this project, you will have a better understanding of exponential growth and decay models and their graphs.  Additionally, you should have gained some insight into how the value of your bank account, car, and home can change over time.  

    Please take time to contemplate your findings.  Are they relevant?  If so, why? If not, why not?
    The assignments below should appear in your home learning spiral notebook on or before the date listed next to it.  The page numbers match your Honors Florida Prentice Hall Algebra Book.  Show the explanation for your answer and highlight your final answer.
     
    April 2    Assignment 1   
    April 9    Assignment 2
    April 16  Assignment 3 
    Period 5 & 8
    Complete the MathXL for School, Quarter 4 Cumulative Test 1, in your student portal.
    April 23  Assignment 4
    April 30  Assignment 5
    May 7    Assignment 6
    May 14  Assignment 7
    May 21  Assignment 8
    May 28  Assignment 9
    June 4   Assignment 10