Overview
PART 1: SAVING FOR RETIREMENT If you save $5,000 in your first year after graduating college and you put the money in an investment earning 8% per year, how much money will this have grown to in 30 years when you retire? Discuss how much money you would have if you saved $5,000 per year for the first 10 years after graduating college.
PART 2: RULE OF 72 There is a rule (more of a mathematical shortcut) for estimating the length of time and the required interest rate if you want to double your investment. Summarize how this rule works and also give an example identifying a situation where this rule could help you.
PART 3: CREDIT CARD INTEREST Credit cards carry a high interest rate. If you have a credit card, identify the interest rate that it carries. If you don’t have a credit card, look up a credit card on the internet and identify its interest rate. This will be the rate that you will pay if you carry a month-to-month balance. Using a simple interest formula, calculate how much interest you would pay on a $3000 balance over a one year time period. Discuss whether this seems like a lot and whether it would be better to not carry a balance on your credit (spending only what you have).
PART 4: SYSTEMATIC LISTING METHOD When is the systematic listing method a practical method of determining the number of possible outcomes? When is the systematic listing method not a preferred method? Give examples and reasons to support your answer.
PART 5: DIFFERENCES IN PERMUTATIONS AND COMBINATIONS Clearly describe the differences between permutations and combinations. Next, provide an example of each and describe why each case matches the definition of either a permutation or a combination.
PART 6: PATTERNS IN PASCAL’S TRIANGLE Research Pascal’s Triangle and look for a pattern having to do with the arrangement of the numbers. For example, what happens if you add all the numbers in each row together? Or what happens if you look at the numbers that are in the rows formed diagonally on the triangle. Don’t tell me about how each new number is the sum of the two numbers above it, but instead find another pattern in the numbers. If you use the internet as a source of information, add a reference identifying the website you used. If you are having trouble writing an entry that is long enough, tell me about two or even more patterns.