Money Problems *
*Note: This is an abbreviated Project Idea, without notes to start your background research, a specific list of materials, or a procedure for how to do the experiment. You can identify abbreviated Project Ideas by the asterisk at the end of the title. If you want a Project Idea with full instructions, please pick one without an asterisk.
Abstract
Math can make you money! If you understand some basic math, you can make good decisions about how to keep, spend, and use your hard earned dollars. Try an experiment comparing the same balance in different types of bank accounts. How much better is a savings account than a checking account? What difference does the interest rate make? Which is better, an account that earns compound or simple interest? Can you compare the short and long term costs of borrowing money compared to saving the cash for a purchase? (ING, 2006) Use mathematical arguments to answer classic questions like, "Which is more: one million dollars, or one penny the first day, double that penny the next day, then double the previous day's pennies and so on for a month?" (Dr. Math, 2006)Share your story with Science Buddies!
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Last edit date: 2013-01-10
Bibliography
- Dr. Math, 2006. "Doubling Pennies," The Math Forum, Universtiy of Drexel School of Education. [accessed: 5/1/06] http://mathforum.org/dr.math/faq/faq.doubling.pennies.html
- ING, 2006. "Planet Orange," sponsored by ING Direct. [accessed: 5/1/06] http://www.orangekids.com/
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