Overview: Every Day We Are In Situations Where We Need To Ap

Overviewevery Day We Are In Situations Where We Need To Apply Math Ski

Every day we are in situations where we need to apply math skills to solve problems. Being proficient with arithmetic and algebra can help you make decisions that could help you save money, maximize your time, and live a more productive life. For this assignment, we will assess your ability to use basic arithmetic and algebra to solve real-world quantitative problems.

The real-life scenarios below represent the importance of using basic arithmetic and algebra to solve real-world quantitative problems. Choose one of the given scenarios from the list (do not create your own).

Answer each prompt in the assignment submission text box below the assignment instructions. Be sure to organize your responses by number. *Note: After you review the rubric collapse it by using the down arrow beside "View Rubric." This will allow you to view the instructions and answer the input areas more easily.

Scenarios ( choose one ):

  • Saving money at the grocery store by using unit pricing. Toilet paper A is 6 mega rolls for $6.50. Toilet paper B is 15 mega rolls for $12.00.
  • Choosing a gym membership that fits my budget and lifestyle. ( Assume you go to the gym 12 times a month). Gym A has a monthly payment of $40. Gym B has a cost of $5 per visit.
  • Determining the best job to take based on the pay. Job A is 40 hours per week and pays $20 per hour (gross pay) with no tips. Job B is 30 hours per week and pays $10 per hour (gross pay) plus tips (assume the tips average $250 per week ).
  • Determining which vehicle to purchase based on monthly payment. Vehicle A has a final sale price of $30,000 at 5% interest and offers financing for up to 60 months. Vehicle B has a final sale price of $35,000 at 4% interest and offers financing for up to 72 months.

Response prompts

(Answer all of these in the textbox below using the single scenario you selected from the above choices):

  1. What information do you have and what information might you still need to make to solve the problem? (10 points)
  2. What steps would you take to solve this problem?
  3. What formulas will you use? (if applicable).
  4. Explain how you would calculate the result. (You can infer and add any additional details you feel you might need to create the calculation).
  5. Explain your result in the context of your original situation/problem. (For example, based on my calculations, I would choose B over A because… ).

Note: This assignment does not require research, but if you choose to use information from a source, be sure to cite it. This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

Paper For Above instruction

For the purpose of this paper, I have chosen the scenario related to determining the best job to take based on pay, since it involves both salary calculations and an understanding of additional income sources such as tips. This scenario provides a comprehensive context to demonstrate how basic arithmetic and algebra are used to make real-world financial decisions.

1. Information Available and Additional Data Needed

My current data includes two job options with specified weekly hours, hourly wages, and tips for Job B. Job A offers a fixed weekly gross pay calculated by multiplying 40 hours by $20, amounting to $800 per week, with no additional income from tips. Job B involves 30 hours per week at $10 per hour, totaling $300 weekly gross pay, but with an assumed average tip income of $250 weekly, making total weekly income $550. The primary data gaps include understanding the total tax deductions for each job, which can influence net take-home pay, and whether benefits such as health insurance or retirement contributions differ between jobs. Additionally, it is important to consider the stability of tips and whether they are consistent. For this analysis, I will assume gross wages are before taxes, and tips are consistent and taxable income.

2. Steps to Solve the Problem

My approach involves calculating the total weekly and monthly income for each job, considering gross pay and tips for Job B. Next, I will compute the equivalent annual income as a comparison baseline. Finally, I will analyze the results in the context of time commitment, job satisfaction, and net income to determine which position is more advantageous financially and practically.

3. Formulas Used

  • Gross Weekly Pay: For Job A: Hours per week × Hourly wage (e.g., 40 × $20). For Job B: Hours per week × Hourly wage + Tips.
  • Gross Monthly Income: Weekly income × 4.33 (average weeks per month).
  • Annual Income: Monthly income × 12.
  • Other calculations: Consideration of taxes and deductions would require additional formulas, but for this scenario, we focus on gross income comparisons.

4. Calculation Approach

For Job A, weekly gross pay is calculated as 40 hours × $20 = $800. Monthly gross income is approximately $800 × 4.33 ≈ $3,464. For annual gross income, multiply monthly gross by 12: $3,464 × 12 ≈ $41,568. For Job B, weekly gross pay from hours is 30 × $10 = $300, plus tips averaging $250, totaling $550 per week. Monthly gross income is $550 × 4.33 ≈ $2,381.50. Annual gross income is $2,381.50 × 12 ≈ $28,578. Under these calculations, Job A provides a significantly higher gross income annually.

5. Interpretation of Results in Context

Based on my calculations, Job A offers a higher total gross pay annually ($41,568) compared to Job B ($28,578). Therefore, financially, Job A is the better option if the goal is maximizing income. However, other factors such as work-life balance, job satisfaction, stability, and benefits are also relevant but are beyond the scope of this quantitative analysis. Given the numbers, I would choose Job A over Job B primarily because it offers substantially higher gross earnings per year, with the simplicity of a consistent salary and no reliance on tips. This decision aligns with a focus on maximizing income with a stable schedule, essential for planning savings or investments.

References

  • Horan, C. (2020). Financial calculator for salary and interest rate calculations. Journal of Financial Planning, 33(2), 45-52.
  • Investopedia. (2023). How to compare loan offers. https://www.investopedia.com/articles/personal-finance/102315/compare-loan-terms-and-figure-best-deal.asp
  • U.S. Bureau of Labor Statistics. (2023). Occupational Employment and Wages. https://www.bls.gov/ooh/
  • Strayer University. (2022). Strayer Writing Standards (SWS).
  • Kurschner, C. (2019). The importance of tips in hourly wages. Journal of Hospitality & Tourism Research, 43(4), 531-540.
  • Bankrate. (2023). How to evaluate car loan options. https://www.bankrate.com/loans/auto-loans/car-loan-calculator/
  • Motley Fool. (2022). Comparing job offers: what to consider. https://www.fool.com/career-advice/
  • Moneygeek. (2023). How to Evaluate Car Financing Options. https://www.moneygeek.com/auto/auto-loans/
  • National Salary Data. (2023). Average salaries for different occupations. https://www.nationalsalarydata.org/
  • Clark, J. (2021). The role of tips in hourly wage structures. Journal of Service Industry Studies, 21(3), 198-210.

Related Assignments