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Money Problems *

Difficulty
Time Required Short (2-5 days)
*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? 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)

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Science Buddies Staff. "Money Problems" Science Buddies. Science Buddies, 30 June 2014. Web. 30 July 2014 <http://www.sciencebuddies.org/science-fair-projects/project_ideas/Math_p027.shtml>

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Science Buddies Staff. (2014, June 30). Money Problems. Retrieved July 30, 2014 from http://www.sciencebuddies.org/science-fair-projects/project_ideas/Math_p027.shtml

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Last edit date: 2014-06-30

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Related Links

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Economist

Economist

Every country has resources—people, land, raw materials, capital, and machinery—and economists study how those resources are distributed to create the goods that people buy, and the services people need or want. In their studies, economists monitor economic trends and collect data on things like energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels. Based on their analysis of this data, they develop forecasts of economic activity so that businesses and governments can better plan for the future. Read more

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