# Money Problems

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 Areas of Science Pure Mathematics Difficulty Time Required Short (2-5 days)
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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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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?class=AQVOL7Mjfmbj94ffE22xHnQsYEhF_1jHKlUsthHMeR3-T6I41W7xGiLcd_YBCVpeWM8aOsUbDn6ohyeBmNHDcTuV. Accessed 17 Apr. 2021.

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Last edit date: 2020-11-20

## Experimental Procedure

For this science project you will need to develop your own experimental procedure. Use the information in the summary tab as a starting place. If you would like to discuss your ideas or need help troubleshooting, use the Ask An Expert forum. Our Experts won't do the work for you, but they will make suggestions and offer guidance if you come to them with specific questions.

If you want a Project Idea with full instructions, please pick one without an asterisk (*) at the end of the title.

## Share your story with Science Buddies!

The 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.