Seven Steps of Constructing Projects

Transcription

1 I. Who are you? Seven Steps of Constructing Projects Agenda Assuming no responsibility, If you could immerse yourself for 4 hours doing something you love but never have 4 hours to do WHAT WOULD YOU DO? II. Financial Literacy Project: Modeling the seven steps. 1. Assuming No Responsibility Identify your IDEA Write the process. 2. The Road Not Taken Research your IDEA The Web-quest 3. Go with the Flow Write a Storyboard Design a flowchart 4. Marti-facts Align Artifacts with SCOS Do the math. 5. How do I get an A? Write Artifact Assessment Construct a Rubric 6. Be the PACE CAR Timeline and Pacing Walk the walk: Model 7. Lock it up! Prepare Room and Materials Gather and produce Run-Reflect-Modify IV. Closure: Questions and Feedback Marty Sugerik msugerik@dpi.state.nc.us

2 Sugerik 2006/2007 Name: Procedure: Career Investigation WEBQUEST (1) Log on to the Department of Labor : Bureau of Labor Statistics (2) Find the Publications link on the right hand side of the page and click on the Occupational Outlook Handbook. (3) Read this page to familiarize your self with how the Handbook functions. (4) Type in Forensic Scientist in the SEARCH block in the upper right hand corner of the page. (5) Since no match is found, click on the S of the alphabetical toolbar. (6) Scroll down to Science Technician and click. (7) Read this information and answer the following questions: a. How much training do employers prefer for a science technician? b. List at least three characteristics of the role of lab technicians. c. What are the responsibilities of a forensic scientist? d. List two working conditions that you may encounter. e. Describe what education is needed to be a forensic scientist? f. How many schools offer a Bachelor s Degree? g. What percent did forensic scientists make up of all science technicians in 2004? h. What is the growth rate for this profession until 2014? i. What is the median hourly salary for forensic scientists? j. If you work forty hours a week for 52 weeks, what will be your annual salary? When you finish, investigate other careers you may be interested in as a career.

3 Financial Planning Project Pay-Check Calculations Name: Career: Education Required: Average Starting Salary: Future Outlook: Monthly Gross Pay Calculation Gross Pay (salary before taxes): Type of Deduction: Percent of Deduction: *Federal Income Tax % *State Income Tax % *Social Security (F.I.C.A) % *Health Insurance % *Retirement % Investments % Union Dues % Charities % Total amount of Deduction: * See pie chart page for percent of deduction all others are optional Total Deductions = Net Pay = Gross Pay Total Deductions Monthly Pay = 2(Net Pay)

4 Monthly Budget Calculations House and Vehicle Calculations Directions: Use your calculator to complete the following tables for a house and vehicle. House price: N = I% = PV = PMT = FV = P/Y = C/Y = PMT: Vehicle price: TVM Solver Data Entries House Payment Calculation 15 year financing 30 year financing Interest rate: 5.2% 6.8% Monthly Payment: Vehicle Payment Calculations 4 year financing 5 year financing 6 year financing Interest Rate: 4.4% 5.3% 6.1% Monthly Payment:

5 Monthly Budget Calculations

6 Appreciation and Depreciation Template Formula Variable Identification Final Appreciated or Depreciated Value Initial Value Annual Rate of Appreciation or Depreciation Number of Years of Appreciation or Depreciation Examples: 1) A car has depreciated for three years at 2.1% annually. How much is it worth today? 2) A house has appreciated value at 6% annually for 10 years, what is it worth today?

7 Compounded Interest Template Formula Variable Identification Final Amount after interest Principal (Initial Value) Annual percentage rate (APR) Number of times compounded per year Time in years Examples: 1) If you invest $500 dollars at 6.5% interest for 10 years, how much will you have if compounded annually, monthly, weekly, and daily? 2) If you invest $1000 dollars at 4% compounded monthly, how much will you earn after five, ten, and fifty years?

8 Monthly Budget Calculations Monthly Budget Directions: Consult an adult in your family to approximate values for your monthly expenditures. Adult Signature Expenditures House Payment Home Insurance and Taxes Household Consumables Vehicle Payment Vehicle Insurance Fuel House Vehicle Utilities Electric Water Sewer Trash Phone Internet Cable/Direct T.V. Gas Food Dining Out Household Cooking Supplies/Condiments Households Consumables (cleaning supplies, etc.) Lawn care Pets Entertainment Movies, Concerts, Travel, Subscriptions Personals Grooming Clothing Miscellaneous Approximate Monthly Payment

9 Monthly Budget Calculations Monthly Pay Total Expenditures = Monthly Balance Construct a bar graph below using the totals for each category in italicized titles above.

10 Education vs. Income Scatter Plot Lab Below is the data for average income per numbers of years of education for Americans in We will be examining this data so that we can predict the income of a person based on the number of years they attend school. Years of School Average Income 9 years (through middle school) $15, years (through 10 th grade) $18, years (through high school, GED) $21, years (1 year of college) $27, years (2 years of college, 2 yr. degree) $33, years (4 yr degree) $39, years (masters degree) $43, years (professional degree) $49, years (Doctorate) $55,324 1) Plot this data on the following coordinate system. Clearly label each axis and accurately mark your increments of change on each axis.

11 Education vs. Income Scatter Plot Lab 2) Using a ruler, draw a line that best fits or models the given data. This line is called the line of best fit. We can use this line to predict the amount of money a person will make given the number of years they attend school. a) Choose two points that fall on your line of best fit (not necessarily two data points). Using those two points, calculate the slope of the line of best fit. For this and all other problems, keep answers accurate to 5 decimal places. b) Using the slope you just calculated and one of the points you found for part a), find the y- intercept of the line of best fit. c) Using the slope and y-intercept you have calculated, write the equation for the line of best fit that you have drawn. The following portion of the lab is designed to show you how the TI-83 Calculator can be used to find the best possible line of best fit for the given data. 3) Using your TI-83 Calculator, input the data given above into lists L1 and L2. To do this hit, and then ℵ to display the lists. Be sure to put your independent (x-variable) data in L1 and the dependant (y-variable) data in L2. Your screen should look like the following after completion. 4) To have the calculator plot the data points as you have done by hand, do the following: Hit οand then } until your cursor is over the Plot1 text. Hit to activate this plot. This allows the calculator to plot individual points. Now we must tell the calculator what points to plot. Hit ψ, then ο to select the STAT PLOT. Hit to select STAT PLOT 1. Hit again to activate this STAT PLOT. Your screen should now be identical to the following:

12 Education vs. Income Scatter Plot Lab 5) We do not want our data graphed in the standard window, so next we must change the window so our data can be accurately viewed. Hit the πbutton to bring up the window screen. Change your x values, y values, and their scales to reflect the picture below: Notice the Xmax is large enough to show all of our data, as is the Ymax. Whenever you are graphing data like the data given in this lab, make sure your window is large enough to display all the data points, but not so large that is shows needless space. 6) Now we want to have the calculator find the most accurate line of best fit. This process is called Linear Regression. Typically we are given a line and asked to find data points. But, in this type of real-world application, we are given data and asked to find a line that models it. This is why the procedure is called Linear Regression. You are, in a since, working backwards. d) Hit, then so your cursor is on the CALC text. Hit to select LinReg(ax+b). Hit to execute this command. This calculates the best line of best fit. The value of a is the slope and the value of b is the y-intercept. e) To plot your line of best fit simultaneously with your data points, do the following. Hit ο, then, then to select Statistics. Now, hit until your cursor is over EQ. Hit ℵ to select the linear regression equation you have already calculated. This equation should be in your \Y 1 = slot now. Hit σ to have the calculator graph your linear regression equation and your data points together. Your screen should resemble the one below: 7) Write the linear regression equation that your calculator has found below. You will need it for further calculations. Directions: Show all work. Calculations made on the TI-83 should be written out on paper. For questions 1-3, use the line of best fit that you calculated by hand. 1) How much money does your equation predict a person would make if they went to school for grades k-12 and then 3 years of college? 2) Recall the income that you chose for your financial planning project and the number of years of education you needed to get that job. Compare your income to the average income for a person with that level of education. Do you make above or below that average?

13 Education vs. Income Scatter Plot Lab 3) Assume you make $23,000 a year, and that you would like to increase your yearly salary by at least $10,000 a year. How long does your equation predict you need to go to school to make this new amount? For the following question, use the equation that you found by hand and the calculator s linear regression equation. 4) i. How much money does the equation you found predict that a person will make if they go to school for 15 years? ii. How much money does the linear regression equation predict that a person will make if they go to school for 15 years? iii. Compare those numbers to the actual amount that the average person makes with 15 years of education. Does your equation predict high or low? By how much is your equation s prediction off the actual average? Does the linear regression equation predict high or low? By how much is this equation off the actual average? iv. Which equation more accurately predicts the average? 5) A young married man has just finished his Bachelors degree in Mathematics at Ohio State University (17 years of school). He has a job offer that would provide him with the average yearly salary for someone with his education. His wife makes $42,000 a year already. If they would like to have a combined income of at least $85,000, what new level of education does he need to attain?

14 Financial Planning Case Studies Directions: Solve each case study. Show the five step process for solving equations. Step 1 Write the formula and label each variable. Step 2 Write down all given information. Step 3 Identify what you are solving for and substitute given values. Step 4 Solve. Round to the nearest 100 th. Step 5 Check your solution. Does it make sense? Case Study 1 Your boss has just finished your six year review and is offering you a new position with greater responsibility. With this responsibility comes a 6% annual pay increase. How much is your new annual salary? Calculate your new gross pay and net pay with the same deductions. How much more money will you see in your net pay every two weeks, month, year? Case Study 2 With your new promotion, your boss forgot to mention that you will need to relocate. Your house has appreciated over the past six years at an annual rate of 4%. How much is it worth today? Add 10% to its current value. If you sell it at this price, how much profit will you have made? Case Study 3 With the profit you just made selling your home, you decide to invest half that amount at 8% interest compounded monthly. How much will you earn in 5, 10, and 15 years? Case Study 4 Now that you have a great promotion with some added income, you decide to purchase a new vehicle. A local dealership is offering 0% interest for the first year and 3.5 % interest for the remainder of the loan period. (4, 5, or 6 year loan) What is your monthly payment for the first year and for the remainder of the loan period? How much will it increase after the first year?

15 Financial Planning Project Format Follow the format below when submitting your Financial Planning Project on Friday January 30 th. If you know you will not be at school, you need to submit the project earlier. Remember there is a 20% deduction for each day late. No exceptions. Page 1 Cover Sheet Include name, date, class and any graphics you find that best represent your career. This page must be done on computer. Page 2 Paycheck Template House and Vehicle Calculations Page 3 Monthly Budget Template Page 4 Graphical Analysis This must be done on graph paper with a compass, ruler, and colored pencils. All calculations for your pie chart and bar graph must be on the back of this page. Page 5 Case Studies This page should include all four case studies with a clear organization to your work and solutions. All solutions should be rounded correctly and include proper units. Page 6 Reflection This paragraph must be typed. In the paragraph, spelling, grammar, and punctuation will be graded. The content of your reflection should include any changes to your budget that you would modify. Also include any comments about the project that would help me make changes to improve the project. Pages 1-6 must be stapled in upper left hand corner or put into a report binder. Extra credit can be earned by choosing a second career and repeating as many sections as desired. If your neatness and use of class time grade is below 90%, extra credit will NOT be accepted. No Exceptions. All extra credit must follow the same format as project.

16 Financial Planning Project Rubric Section 1 Career Information Description Points Comment Career Choice (5) 5 Average Salary 5 Education Required 5 Future Outlook Response 5 Documentation and Purpose of Choice Response 5 Section 2 Paycheck Calculation Description Points Gross Pay Calculation 10 Deduction Calculation 10 Net Pay Calculation 10 Monthly Net Pay 10 Section 3 Monthly Budget Description Points House Calculation TVM Solver 10 Vehicle Calculation TVM Solver 10 Monthly Living Expense Estimates 10 Parent Signature 5 Section 4 Graphical Budget Analysis Description Pie Chart for Paycheck Deductions and Balance (Percent of Monthly Gross Pay) Bar Graph of Monthly Expenses (Percent of Monthly Net Pay) Points Section 5 Description Points Completed Case Studies 40 Written paragraph on modifications and project opinion 20 Neatness, Organization, Use of Class Time 40

17 Financial Planning Project Syllabus Overview The Financial Planning Project will take approximately three weeks to complete. Each phase will take two to three days. The following timeline table will be used to monitor your progress and pacing. There are required signatures and interviews that must be completed. See me for questions as soon as possible. Since this project will primarily be done in class, you will be closely monitored on your effective use of time. Teacher Interviews: The student must present work and discuss progress and questions Signatures: Parent and Teacher Signatures are required prior to next phase. Completed Guided Practice Solutions are required as part of project. Timeline Table Phase Timeline Assessment/Signature Completion Date Web Quest 2-3 days Turn in completed Career Information Form Teacher Signature Pay Check 2 days Complete Guided Practice Teacher Signature Monthly Budget 3-4 days Complete Budget Worksheet/Parent Signature TVM Solver 1-2 days Complete Guided Practice Teacher Interview Graphs and 2-3 days Complete Guided Practice Charts Teacher Signature Example Case 2-3 days Complete Guided practice Studies Reflection 1-2 days Parent Signature Teacher Interview Final Class Presentation 1-2 days Present 5-10 minute with Feedback