MATH103 Application of Consumer Mathematics in Starting a New Business

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MATU-103 Final Project Instructions PLO 3 – Quantitative Fluency: Explain how accurate calculations and symbolic operations are used in interpreting social and economic trends. PLO 4 – Applied Learning: Evaluate a scenario in which academic knowledge and skills could be applied to a work or community issue. The Assignment As individuals and as a society, we use mathematics every single day to make important decisions, drive advancements, and understand the world around us. In this assignment, you will choose a real-world topic (from the list below) and you will describe and discuss how mathematics is used to address current issues related to that topic. You will: 1. Describe the history of the topic as well as the history and development of the branch (or branches) of mathematics being used to address issues related to it, 2. Provide a summary of the formal mathematics being used to address issues related to your topic, with appropriate mathematical symbols, formulas, terminology, and concrete examples, 3. Explain how the mathematics is applied in the real-world to work, community, social, and economic issues. See the section Outline Of Material To Present below for a more detailed explanation of what you will submit for each of these three sections. The topics that you may choose from are • • • • • Business Economics Equal Representation and Fairness Health and Healthcare Education Review the section Tips To Get Started at the end of these directions for more information on the mathematics (and corresponding chapters from your textbook) that you may want to consider writing about for each of these five options. You may write on any of these five topics, but you may not write on a different topic unless you have received express prior permission from your individual instructor. Your instructor is not required to approve alternative topics and will only do so if he or she is certain that there is sufficient research and information available to adequately complete this assignment. Outline of Material to Present The assignment is broken down into three parts: Introduction and Historical Context, Summary of Mathematics, Real World Applications. Each part has a subset of questions and issues you must address. Please ensure that your report includes a section for each of the three Parts listed below, and that each part addresses ALL of the subquestions listed. Again, you must select one of the topics provided above unless you have received permission from your individual instructor to write on another topic. Part 1: Topic Introduction and Historical Context (approximately 2 pages) Here is where you will introduce your topic and explain why it is important. You will also introduce the branch(es) of mathematics that are used to address issues related to your topic, and provide a brief history of the mathematicians or other key figures that contributed to its development. Please include each of the following: 1. Introduce your main topic (Business, Economics, Equal Representation/Fairness, Heath/Healthcare, or Education). Why is this topic important? What are some key current issues (social, political, environmental, technological etc.) related to your topic today? Why is it important to understand and address those issues? 2. Introduce and briefly describe the branch (or branches) of mathematics that may be used to address key issues related to your topic. This is merely a general introduction; you will discuss the mathematics formally in Part 2: Summary of Mathematics below. 3. Name at least 2 key figures that contributed to the development of the branch(es) of mathematics described above. Who were they? When did their research take place? How did their work contribute to the development of this type of mathematics? Part 2: Summary of Mathematics with Examples (approximately 2-3 pages) Here you will discuss the formal mathematics that are used to address issues related to your topic. (Note: You will apply the math that you present in Part 2 to your application examples in Part 3 so you may want to review Part 3 before completing this section). For any topic that you choose, there will be many different areas of mathematics that can be applied. Select one, or a few that you think are the most relevant, interesting, and applicable to your topic and include the following: 1. Choose and describe at least one branch of mathematics (you may have more than one) that is used to address issues related to your topic. Explain the formal mathematics by: a. Presenting and describing relevant symbols, notation, and terminology b. Presenting and describing key formulas c. Presenting and describing important theories or theorems 2. Provide an example that illustrates the mathematics described above being applied to a situation related to your topic (PLO 4), and solve the problem by: a. Describing the problem and the steps of the solution in words b. Presenting the mathematical steps of the solution using formal mathematical symbols, notation, and formulas, and provide and interpret the final answer (PLO 3) Note: You may choose an example from the problem sets in your textbook as long as you appropriately cite this example in your references. See the section Tips To Get Started below to see some suggested sections from your textbook Part 3: Real World Applications (approximately 3-4 pages) Here you will describe how the mathematics you presented in Part 2 is applied in the real world. You do not need to use the mathematics to solve any particular problem; rather, explain how the mathematics is (or could be) used to explain, address, or solve problems related to your topic, directly or indirectly, as described below. Include each of the following: 1. Provide at least one real-world example of a specific work or community scenario related to your topic where the mathematics you presented in Part 2 could be applied. (PLO 4) Describe the scenario and explain how the math would address it. What is the purpose and benefit of using math to address this scenario? Does it increase efficiency? Does it help with accuracy? What problems might we encounter if we neglected to use math to help address this scenario? 2. Provide at least one real-world example where accurate calculations and symbolic operations (using the mathematics you presented in Part 2) are, or could be used to interpret and/or explain a social and/or economic trend related to your topic. (PLO 3) This example should be something different from your example in #1 above. Describe the social or economic trend and explain how the math you presented in Part 2 helps to interpret or explain it. (Examples of social or economic trends might be things like income inequality, gerrymandering, equal housing, public healthcare, equal access to quality education, and so on.) 3. Describe and discuss how this topic and the mathematics you have presented are relevant to your own life, directly and/or indirectly. Formatting Requirements Your paper should be a Word document, with embedded charts, graphs, figures, formulas and tables. It should be APA or MLA Format, with name and page number on each page, and should include each of the following: 1. Title page: You should have a cover page. The cover page should have a specific title of your paper (Note: “MATU 103 Paper” does not clearly define the topic you are presenting), your name, Brandman University, MATU 103, term, and year. You might find it helpful to include an image of something representative of your topic to provide a visual context for your report. 2. Write Up/Body: The body should be 6 - 8 pages. Please use a “page break” to separate the cover from the body and the references from the body. 3. References: Please include all articles, books, websites, publications, or other information that you utilized to obtain the information in your paper. The references come after the main body. At least three references are required, not including the textbook. 4. Appendix (optional): Include an appendix after your references to include any charts, graphs, calculations, or other information that supports your paper, but which is not necessary to include in the main body. Academic Integrity The University expects that students will conduct themselves in an honest and ethical manner and respect the intellectual work of others. Your paper will be submit through TurnItIn, which is a plagiarism detection service. Your paper will receive a Similarity Report that represents the percentage of your paper that is similar to or copied from other sources. Any type of plagiarism, including using work without referencing, copying another paper, not citing references in the body of the paper, using a paper from another course, etc., will be met with penalties determined by the instructor, including the possibility of failing the course, and having an Academic Integrity Violation Sanction Report submitted to University administration. Note: You may not use a paper you wrote from a prior course, even if it is the same class you are taking now, without prior permission from your individual instructor. If you have further questions about academic integrity, please contact your instructor and/or see the catalog. Tips To Get Started Before selecting your topic, do a little research first! Read the sections of your textbook noted below, and do some internet searching to make sure you feel prepared to present a paper where you provide each of the following: a) an explanation of the formal mathematics with appropriate symbols, formulas, and examples, b) examples of how this branch of mathematics could be applied to a work or community issue, and c) an explanation of how this branch of mathematics can be used to interpret social or economic trends. Below is a list of the main topics you may choose from, as well as some suggested readings and related discussion points from your textbook. You may choose any one of the Topics below for your project. If you want to write on a topic not shown here, you must obtain prior permission from your individual instructor. Your instructor is not required to approve alternative topics and will only do so if he or she is certain that there is sufficient research and information available to adequately complete this assignment. Business for this topic, you might discuss… • Chapter 4, Graph Theory (for example: efficient routes, efficient scheduling) • Chapter 7, Modeling (for example: currency conversion, supply and demand) • Chapter 8, Consumer Math (for example: interest, investments, loans, mortgages) • Chapters 13, 14, Probability and Statistics (for example: expected value) Economics for this topic, you might discuss… • Chapter 6, Number Theory (for example: CPI, HPI, inflation) • Chapter 7, Modeling (for example: population growth, inflation, currency conversion, supply and demand) • Chapter 8, Consumer Math (for example: interest, investments, loans, mortgages) • Chapters 13, 14, Probability and Statistics (for example: expected value) Equal Representation and Fairness for this topic, you might discuss… • Chapter 7, Modeling (for example: population growth) • Chapters 10, 11, Apportionment and Voting (for example: gerrymandering, measuring power, measuring fairness) • Chapters 13, 14, Probability and Statistics (for example: polling) Health and Healthcare for this topic, you might discuss… • Chapter 4, Graph Theory (for example: spread of disease) • Chapter 7, Modeling (for example: spread of disease) • Chapters 12-14, Probability and Statistics (for example: genetics, likelihood that a drug or vaccine is effective) Education for this topic, you might discuss… • Chapter 7, Modeling (for example: projecting college graduation rates) • Chapter 10, Apportionment (for example: allocating resources to classrooms, awarding assistantships to college students) • Chapters 12-14, Probability and Statistics (for example: normal distribution of grades on standardized tests, academic performance influenced by other factors – i.e. comparing grade averages, correlation between funding and academic performance) Signature Assignment Rubric: Course Number and Course Title: MATU-103 Applied Mathematics PLO and/or ILO Number and Title: PLO3 Quantitative Fluency, PLO4 Applied Learning Learning Outcome Criteria CLO Part I Numbers 1-3: Introduction and Historical Context 30 The paper fulfills all instructions for Part 1. All questions are thoroughly answered and answers demonstrate excellent understanding of all topics. 25 One of the required elements for Part 1 is missing, incomplete or underdeveloped. Most questions are thoroughly answered and answers demonstrate very good understanding of all topics. CLO Part 2 Number 1: Summary of mathematics 30 The paper fulfills all instructions for number 1 of Part 2. Branch(es) of mathematics is fully and accurately described. Explanation for sections a-c includes relevant information and all information is correct. 25 One of the required elements for number 1 of Part 2 is missing, incomplete or underdeveloped. Branch(es) of mathematics is mostly fully and accurately described. Explanation for September 6, 2018 EXEMPLARY PROFICIENT DEVELOPING EMERGING NOT COMPLETE 20 Two required elements for Part 1 are missing, incomplete or underdeveloped. Some questions are thoroughly answered but some lack detail, and answers demonstrate good understanding of most, but not all, topics. 15 Three required elements for Part 1 are missing, incomplete or underdeveloped. Most questions are not thoroughly answered and most answers demonstrate poor understanding of most topics. 0 Part 1 is missing from submission, or its contents are not a response to the assignment directions, or the attempt is confusing or incorrect to the point of being inadequate. 20 Two of the required elements for number 1 of Part 2 are incomplete or underdeveloped. Branch(es) of mathematics is somewhat accurately described, but some elements are not 15 Three of the required elements for number 1 of Part 2 are, incomplete or underdeveloped. Branch(es) of mathematics is not fully and accurately described. Explanation for 0 Number 1 of Part 2 is missing from submission, or its contents are not a response to the assignment directions, or the attempt is confusing or incorrect to the sections a-c includes mostly relevant information and most information is correct. PLO 3, PLO 4 Part 2 Number 2: Mathematics example 30 Provides a specific example that is clearly relevant to a situation related to the topic, and completes sections a and b appropriately. Provides a thorough and complete description of the problem and steps, and presents all relevant symbols, notations, etc. Interpretation of final answer is correct and demonstrates excellent understanding. 25 Provides a specific example that is mostly relevant to a situation related to the topic, and completes sections a and b appropriately. Provides a mostly thorough and complete description of the problem and steps, and presents mostly relevant symbols, notations, etc. Interpretation of final answer is mostly correct and demonstrates good understanding. accurate. Explanation for sections a-c includes some irrelevant information and only some information is correct. 20 Provides an example that is somewhat relevant to a situation related to the topic, and completes sections a and b appropriately. Provides an incomplete description of the problem and steps, and presents only some of the relevant symbols, notations, etc. Interpretation of final answer is not completely correct and demonstrates some understanding. PLO 4 Part 3 Number 1: Applications to work or community issue 30 The paper fulfills all instructions for Part 3, Number 1. Example is clearly and specifically related to a work or community issue related to the topic. Thorough and complete description, explanation and 25 One of the required elements is missing, incomplete or underdeveloped for Part 3, Number 1. Example is mostly clearly and specifically related to a work or community issue related to the 20 Two of the required elements are missing, incomplete or underdeveloped for Part 3, Number 1. Example is somewhat related to a work or community issue related to the topic. Somewhat complete September 6, 2018 sections a-c includes little relevant information and much information is incorrect. point of being inadequate. 15 Provides an example that is not clearly relevant to a situation related to the topic, and doesn’t complete sections a and b appropriately. Provides a mostly incomplete description of the problem and steps, and presents few of the relevant symbols, notations, etc. Interpretation of final answer is mostly or fully incorrect and demonstrates little understanding. 15 Three or more of the required elements are missing, incomplete or underdeveloped for Part 3, Number 1: Example is not clearly and specifically related to a work or community issue 0 Number 2 of Part 2 is missing or contents are not a response to the assignment directions, or the attempt is confusing or incorrect to the point of being inadequate. 0 Number 1 of Part 3 is missing from submission, or its contents are not a response to the assignment directions, or the attempt is confusing or incorrect to the PLO 3 Part 3 Number 2: Application to social or economic trend. September 6, 2018 answers to all questions. Math branch(es) used is the same as that presented in Part 2, and description of how it could be applied to work or community issue is very clear. Excellent understanding of the topic is demonstrated. topic. Mostly thorough and complete description, explanation and answers to all questions. Math branch(es) used is mostly the same as that presented in Part 2, and description of how it could be applied to work or community issue is mostly clear. Very good understanding of the topic is demonstrated. description, explanation and answers to all questions but some parts are incomplete or not relevant. Math branch(es) used is somewhat different than that presented in Part 2, and description of how it could be applied to work or community issue is somewhat unclear. Some understanding of the topic is demonstrated. related to the topic. Incomplete description, explanation and answers to most questions. Math branch(es) used is not the same as that presented in Part 2, and description of how math could be applied to work or community issue is not clear. Little understanding of the topic is demonstrated. point of being inadequate. 30 All required content for Part 3, Number 2 is present. Example is clearly and specifically related to a social or economic trend related to the topic. Description of the trend is clear and accurate. Math branch(es) used is the same as that described in Part 2, and description of how it could be used to interpret/explain is 25 Most required content for Part 3, Number 2 is present. Example is mostly clearly and specifically related to a social or economic trend related to the topic. Description of the trend is mostly clear and accurate. Math branch(es) used is the same as that described in Part 2, and description of how it could be used 20 Most required content for Part 3, Number 2 is present. Example is somewhat related to a social or economic trend related to the topic. Description of the trend is only somewhat accurate. Math branch(es) used is somewhat different than that described in Part 2, and description of how it could be used to interpret/explain is 15 Some required content for Part 3, Number 2 is missing. Example is not clearly and specifically related to a social or economic trend related to the topic. Description of the trend is not entirely clear or accurate. Math branch(es) used is not the same as that described in Part 2, and description of how it 0 Number 2 of Part 3 is missing from submission, or its contents ...
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Doctor_Ralph
School: Duke University

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Running Head: CONSUMER MATHEMATICS AND INTEREST RATE

Application of Consumer Mathematics in Starting a New Business
Name
Institution
Course
Date

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CONSUMER MATHEMATICS AND INTEREST RATE

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Part 1: Topic Introduction and Historical Context
When staring a new business, one needs to raise capital for the bussing startup
and also undertake numerous calculations during the business planning phase.
Mathematics is applicable in drawing the business plan for the new venture to ascertain
the cost of capital, to appraise the viability of the proposed business plan, and draw an
elaborate financial plan for the business. In all these instances, one aspect that comes into
plays the costs of the capital to be invested in the business which is calculated in form of
the rate of interest charged on the capital borrowed form financial institutions.
Interest rates refer to the amount charged on the principal amount lent or
borrowed for the purpose of starting up a business. The interest rates depend on the
prevailing business conditions, the duration of the borrowing, the principal amount
borrowed, and the compounding frequency. The interest rate may also refer to the amount
of fees paid to an entrepreneur by a deposit-taking financial institution on the amount
deposited in an account (Cairns, 2018). In a new business startup, mathematics is used to
ascertain the actual amount of interest rate and hos such amounts affects business
decisions at any given time.
Using mathematics to calculate the rate of interest rate attributed to a new
business startup is a business topic that bears a great level of significance to individuals
and institutions. It is used by new business ventures to understand fiscal and monetary
policies during so that they can undertake accurate budgeting and resource allocation. In
addition, mathematics is used to understand how interest rate charged on startup capital
affects the financial stability of a country through various measures that either increase or
decrease in the rate of interest in the country (Papadamou & Markopoulos, 2018). Among

CONSUMER MATHEMATICS AND INTEREST RATE

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the key business issues that relate to interest rates include inflation, recessions,
depression, and bond and stock markets. The bottom line is that a high rate of interest
rates will reduce the rate of investment while a low rate of interest increases the rate of
investment.
Studying the issues that relate to interest rates attributed to startup capital for new
business ventures is important because it helps individuals and government agencies to
take control of investment, expenditure, savings, and general GDP growth and
development. It is essential to note that the prevailing rates of interest rates are a factor in
the real GDP of a county, thus making it essential to have a clear understanding of the
factors that relate to GDP (Cairns, 2018). In addition, globalization, foreign direct
investment, taxation of, and stabilization of the financial status of a country solely depend
on the understanding of the factors and issues that relate to new business ventures.
Consequently, there is a need to study the issues to help in making an informed decision.
One of the branches of mathematics that may ...

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Anonymous
Thanks, good work

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