Math Learning and Reflection
Throughout "Power, Privilege, & the Purse", I learned about financial concepts such as budgeting, taxes, investments, savings, and debt. I studied the value of budgeting money and why it is important to track finances to avoid debt. I enjoyed that I had to create a budget for my dream job as well as a budget based on the life of a single mother. Budgeting and financial planning helped me widen my perspective and appreciation for the way that people manage their money. I also learned about the difference between state and federal taxes. The activities and worksheets that we completed helped me understand how the U.S. tax system works and why it is used. Additionally, I studied savings and investment plans and the values or dangers of different types of investments. I also learned the consequences of debt through this project and the way that it effects credit scores, investments, and savings. All of this studying and research has helped me better understand money management and the value of financial planning. As I graduate high school and begin college and a career, I will use what I have learned through this project to help myself succeed.
The topics that we covered are things that are actually relevant to adult life, and I feel like I really will end up using them as I grow up. While learning about taxes and investments, I learned more about exponential growth and decay. Since we were able to use exponential growth in real life situations, I felt like I understood the value of the concept better. Exponential growth is a growth whose rate becomes more rapid in proportion to the total number or size that is growing, where as exponential decay rapidly decreases. Compound interest is an example of exponential growth/decay and can be seen in savings, investments, and loans. Compound interest is interest that is added to the principal amount of a loan or deposit. The added interest earns interest from then on, and the amount of a loan or account can increase/decrease greatly over time.
Logarithms are quantities that represent the power to which a number must be raised to produce another number. Logarithmic functions are related to exponential functions in that they are opposites. Logarithms are common in real life, especially in relation to interest rates. They find the root cause of a certain effect, such as growth and interest rates. Logarithms were important in this project as we studied loans, investments, and savings because they are essential in the problem solving process.
The Statistical Problem Solving Process is to (1) ask or formulate a question, (2) collect or produce data, (3) analyze or process data, and (4) interpret results. This process is very important because it organizes the way that a problem is solved. I used this process when I created my infographic about poverty in the United States. I wanted to know what factors contributed to the cycle of poverty, so I found relevant data surrounding my topic. Once I collected the data from sources such as the Department of Labor and Census Bureau, I had to analyze my findings. I created graphs to represent my data so that it could be easily seen and interpreted. Once all of this was complete, I designed an infographic to share my findings in a way that was clear and understandable. The Statistical Problem Solving Process is essential in solving problems such as these. It organizes and structures the thought process so that problems are solved thoroughly.
I learned several statistical concepts, vocabulary, and measurements during this project. I learned about how to draw conclusions from data by using the Statistical Problem Solving Process. I also learned how to understand different types of graphs, as well as when to use them. We researched the difference between qualitative and quantitative data and which graphs to use with these types of data. This project also taught me how to display and analyze distributions and find the center, spread, and shape of data. Additionally, I learned how to calculate how strong data correlation is, standard deviation, and z-scores.
Through my research and learning, I was able to better understand the entire process of statistical problem solving, financial planning, and how math is often used in real life. I used what I learned about statistics and graphs to analyze data about the topics that I was researching. This project helped me understand how to read data and how important statistics are in research. Overall, this project taught me how to use math and problem solving to collect and analyze data that is relevant to societal issues.