Money Problems *
AbstractMath 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)
Cite This PageGeneral 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.
Last edit date: 2017-07-28
- Dr. Math. (n.d.). Doubling Pennies. The Math Forum, University of Drexel School of Education. Retrieved May 1, 2006, from http://mathforum.org/dr.math/faq/faq.doubling.pennies.html
- Northwestern Mutual. (n.d.). How Banks Work. The Mint: It Makes Perfect Cents. Retrieved May 19, 2014, from http://www.themint.org/kids/how-banks-work.html
News Feed on This Topic
Ask an ExpertThe Ask an Expert Forum is intended to be a place where students can go to find answers to science questions that they have been unable to find using other resources. If you have specific questions about your science fair project or science fair, our team of volunteer scientists can help. Our Experts won't do the work for you, but they will make suggestions, offer guidance, and help you troubleshoot.
Ask an Expert
If you like this project, you might enjoy exploring these related careers:
EconomistEvery 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
News Feed on This Topic
Looking for more science fun?
Try one of our science activities for quick, anytime science explorations. The perfect thing to liven up a rainy day, school vacation, or moment of boredom.Find an Activity