Science Projects

Money Problems

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Summary

Areas of Science

Pure Mathematics

Difficulty

Time Required

Short (2-5 days)

Credits

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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)

Bibliography

Dr. Math. (n.d.). Doubling Pennies. The Math Forum, University of Drexel School of Education. Retrieved May 1, 2006.
Northwestern Mutual. (n.d.). How Banks Work. The Mint: It Makes Perfect Cents. Retrieved May 19, 2014.

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Careers

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Economist

Career Profile

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… Read more

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General citation information is provided here. Be sure to check the formatting, including capitalization, for the method you are using and update your citation, as needed.

MLA Style

Science Buddies Staff. "Money Problems." Science Buddies, 20 Nov. 2020, https://www.sciencebuddies.org/science-fair-projects/project-ideas/Math_p027/pure-mathematics/money-problems. Accessed 7 June 2023.

APA Style

Science Buddies Staff. (2020, November 20). Money Problems. Retrieved from https://www.sciencebuddies.org/science-fair-projects/project-ideas/Math_p027/pure-mathematics/money-problems

Last edit date: 2020-11-20

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