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Math 1324—Math For Business

End of Semester Project.

Preferably, submit on CANVAS and keep a copy.

You should consult with ONE partner. Please write your partner name on the top.

However your work should reflect that you thought of your answers individually.

Do NOT seek help from the lab, Advocacy Center, tutor, or another instructor. 21

points total.

JUST THIS PROJECT and one set from the other, please.

1. For the matrix situation mentioned below, where the 2×4 matrix A is described as:

Pay per hour for two pay levels of four trades back in 2009. (Note: Pay has

increased 40% at all positions since.)

Carpenter

Welder

Plumber

Electrician

A=

Apprentice

12.75

15.86

14.76

16.87

Journeyman

15.60

18.07

16.89

19.08

•

Create Matrix B, 1.40A, that reflects the pay increases.

A contractor plans to flip two houses for a popular cable show. For the first

flip, it was determined that 15 hours of carpentry, 19 hours of welding, 12.5

hours of plumbing, and 20 hours of electrical are required. For the 2nd flip,

the respective numbers are 21, 28, 14, and 15.5. If C represents the matrix

below and A represents the matrix from the previous page:

•

Complete the matrix C below and then determine AC and discuss the

ENTIRE meaning of the resulting 2 X 2 Matrix.

C =

15

19

12.5

20

___

___

___

___

•

Using matrix C, determine BC and discuss the ENTIRE meaning of the

resulting 2 X 2 Matrix.

•

If union agreements require the contractor to hire a journeyman and an

apprentice for each task, will $5,000 be enough to pay for all the labor?

Would it have been enough in 2009?

Sets, Probability. SET TWO

2. Study carefully the difference between a permutation and a combination.

Discuss and describe a situation YOU have encountered in the past week

which can be best described by a permutation and another situation best

described by a combination. Here is one example of each. And then show

the appropriate and determine number of permutations and combinations.

DO NOT just solve the two examples given.

Permutation: A department of 7 teachers needs to choose a chair, a coordinator,

and a grant writer. How many ways are possible to choose them?

Combination: Whataburger offers 8 different toppings for its hamburgers. How

many ways are there to choose any 3 toppings?

SET THREE Expected Value.

3. Study carefully the probability distribution table of any lottery ticket or of

any other game such as a game at a place that gives tickets for winners.

In the space below show the probability sample space, consisting of all winning

combinations and all their prizes.

With the sample space information above, determine the expected value of the

lottery ticket or the arcade game. With the lottery ticket you must incorporate

the cost of the lottery ticket to determine expected value. For the arcade game,

since expected value is in tickets and you typically would use tokens, you don’t

have to incorporate negative values.

Math 1324—Math For Business

Take home Project on finances.

One project grade is written. The other project grade is presentation.

Please adhere to due dates.

ABSOLUTELY NO EXCEPTIONS! Please show all work on SEPARATE

PAPER. You may consult with ONE partner. Please write your partner

name on the top. However, your work should reflect that you thought of

your answers individually . . . not that you COPIED your friend. Do NOT

seek help from the lab, Advocacy Center, tutor, or another instructor.

Do one set from the other project.

SET ONE

1. Give up one bad habit per day and consider the money you’ve saved from

that bad habit for a month. Let this amount be the amount of your

choosing. Reflect on why this is an appropriate habit to give up.

2. Joe, 24 years old, invests that amount of your choosing a month over a

12-year period in a stock mutual fund that ends up yielding any interest

rate of your choosing between 6% and 10% annual compounded monthly.

His plan is to invest monthly from age 24 to age 36 which leads to a future

value. Then he lets that future value grow without further investing until he

is 65.

• Two formulas are involved. What are they?

• Determine his account value at age 65.

• Determine the total in payments.

3. Bill, 36 years old, invests that same amount of your choosing a month

over a 29-year period in the same mutual fund. Same interest rate. He

will have to invest monthly for the whole 29 years.

• What formula is involved?

• Determine his account value at age 65.

• Determine the total in payments.

4. Compare their results, total in payments, and account values. What was

a lesson you have learned from analysis of both their strategies? How

might this apply to your approach to personal finance? Write in two or

three complete logical sentences.

SET TWO Choose a vehicle from any auto ad offline or online. Provide the

source or clipping of that ad.

5. Using an online loan calculator … determine the monthly payment, total of

payments and finance charge of that vehicle of your choosing with a rate

quoted in the ad, or if there’s none, a rate of your choosing. Please cite

the source of your truck. Do this for situations involving 48 month

financing, 60 month financing, and 72 month financing.

6. (Answer in complete, logical sentences) What are one advantage and one

disadvantage to financing for 48 months? Though you don’t have to pay

as much per month, what could be one serious problem with more

payments that’s not reflected in your figures?

SET THREE Retail situation:

7. Find an item on sale at any retail outlet. State the price and your

source. Determine the monthly payment if financed for 12 months at

the APR advertised in the credit card fine print, compounded monthly

or daily.

8. You may use a separate sheet. Follow the instructions on page 160,

example 4 and, using either paper or Excel spread sheet, create an

amortization table depicting the loan for that item, The book lists a six

month amortization table. Your amortization table should have 12

payments and should depict a zero balance at the end. If you do create a

computer spreadsheet please attach with a brief summary of what

commands you used on Excel to arrive at your answer.

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Explanation & Answer:

7 pages

Tags:

math

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