Creating a Savings Plan: Linear Equations for Goals
School
University of Karachi, Karachi**We aren't endorsed by this school
Course
ALGEBRA 2E
Subject
Mathematics
Date
Dec 12, 2024
Pages
3
Uploaded by BailiffCrabPerson1543
MAT101 SLP3Name:Tyrell DavisTotal points = 30Savings Plan for a Future PurchaseInstructor: Dr. Raman LallFor this assignment, you will create a savings plan for a future purchase such as a car or a vacation. You will analyze if your savings meet your pre-determined time frame using linear equations.ExampleYour GoalSave $2000 for a family vacation in a yearSave $5000 for purhchasing a car in a year12 months12 months$200 $390$50 $300Add your monthly savings and input the total amount in B29. Make sure that your savings per month total to your savings goal. (2 points).MonthSavings ($)139023853395439053926393738883949397103961138912391Total4700A. Based on the data collected in the Step 2 table, which column of data represents the x-axis? Write your answers in the box below. (2 points)Based on the data collected in the Step 2 table the number of month is the data represents the x-axis.B. Based on the data collected in the Step 2 table, which column of data represents the y-axis? Write your answers in the box below. (2 points)Based on the data collected in the Step 2 table, the savings($) in months represents the y-axis.C. Based on the data collected in the Step 2 table, calculate the slope. Please reference the Module 3 Notes on the Module Homepage to calculate the slope. Write the solution and answer in the box below. (3 points). The formula to find is y=mx+bSlope0.314685314685315D. In 2-3 sentences, interpret the slope based on C. Write your answer in the box below. (3 points)Since; y = mx+Ctaking point (1,390) and slope =0.3146390=(0.3146)(1)+CC=389.69Step 1.Set a goal amount for the dollar savings you would like to have over the course of 12 months. You will break down your 12-month goal to find how much your monthly savings should be to reach your goal. You will begin this project with any initial savings you have in your account already. Record your 12-month goal in cell C8. Record the duration of the savings period in months in C9. Record your monthly savings in C10. Record your initial savings, if any, in C11. Round to the nearest dollar. (2 points)Goal (1 point)Time period (1 point)Monthly savings (1 point)Initial savings (1 point)Step 2. Record your monthly savings on B17 to B28 for your goal in Step 1. (1 point). Step 3. In Step three, you will develop a linear equation using the data in the Step 2 table. In this example, we are looking at two variables: 1. Savings and 2. Month. To develop a linear equation and calculate a slope, you must first determine which variables belong on the x and y axis. The x and y-axes are the two main lines you will see on a graph. The x-axis is the horizontal line that runs from left to right (easy trick to remember: x for across), and the y-axis is the vertical line that goes up and down.
So in conlusion, first we took the points (1,390) and insert it into the linear equation. Then by solving we get C=389.69B. In 2-4 sentences, interpret your graph by describing any trends and the direction over time. Write your answer in the box below. (4 points). Putting slope and y-intercept in "y=mx+b"; we gety=0.3146x+389.69Write your answer in the box below. (3 points) Step 4. Based on your goal in Step 1, graph the line representing your savings plan using the initial amount saved, monthly savings and time period.A. Create your own graph using Excel. You may learn how to convert your data into excel using the following Excel Tutorial: https://support.microsoft.com/en-us/office/create-a-chart-from-start-to-finish-0baf399e-dd61-4e18-8a73-b3fd5d5680c2?wt.mc_id=otc_excel. Copy and paste your graph into the box below. (4 points). Based on the graph, I saved $390 on the first month and $391$ in the 12th month. Some month I saved below the trend line and in some month I saved above the trend line. The trend line increasing with time with a slope of approximately 0.3146Step 5. Based on your example, write the equation of the line using the slope-intercept form. Write your answer in the box below. (4 points).Step 6.In 4-6 sentences, reflect on your savings goal. Is it realistic for you to achieve your savings goal for a future purchase during the time period? Why or why not?123456789101112378380382384386388390392394396398Savings to buy a carMonthSavings ($)
When it comes to my goal of $4700 to be saved in 1 year, I think it is possible mainly because each contribution is made per month and hence are small, on average, $391. 69. Adopting the trendline, the savings pattern gradually rises with a little oscillation every month. This shows a constant movement towards the achievement of the goal irrespective of small fluctuations that may be witnessed in a particular month. The planned saving directionality will hence get to the target within the expected time if am able to refrain from unnecessary expenditures.