Assignment 2: An Investigation Report (40%) DUE DATE: Assignment must be submitted by 23:59 on Monday, 29th January, 2018 In order for mathematics to be seen as being relevant to a person’s life it needs to be linked to real life. This assignment has been designed around a number of real life scenarios that will involve the use of financial literacy skills. In completing the investigation, you will have the opportunity to demonstrate your knowledge and understanding of the content and processes relevant to this Unit. PURPOSE LINKS TO THE UNIT OUTCOMES The assignment links with outcomes 1 and 4 of the unit outcomes. However, links with other outcomes may take place depending upon the focus of the investigation. ASSIGNMENT PROCESS This assignment involves the use of a financial literacy investigation. You are required to write a report on your investigation of one of the “real life problems” shown in the Assignment Topics below. The assessment topics give you the opportunity to: (i) Investigate a real life problem. (ii) Investigate the type of mathematics that is inherent in the solving of everyday problems. (iii) Demonstrate your ability to plan and budget (iv) Demonstrate your understanding of the concepts, understandings and processes that have been introduced in this unit. (v) Be creative in the way you investigate the problem. ASSUMPTIONS YOU NEED TO MAKE WHEN COMPLETING THIS ASSIGNMENT To successfully complete this assignment, you need to assume that: • You have completed your Master of Teaching degree. Your salary will be that of a first year teacher on the Step 5 Salary Level. You have to pay income tax on this salary. • You are living independently and are responsible for your own living expenses. • You will use your salary to budget for the project. • Your budgeting takes place during your first year of teaching that is, from 1st January, 2018 to the 31st December, 2018 • You can only use the money you earn during the year. • You do not have to pay superannuation, Medicare levies or HECS payments. • You have cost of living expenses e.g. rent, food, heating and lighting, telephone, travel expenses, clothing requirements. These should be factored into your budget. ASSIGNMENT REQUIREMENTS Select one of the assignment topics below and prepare a report on the selected topic. If you have previously completed this unit you are not allowed to use any part of your previous assignment. Treat this assignment as a reallife event so that your enthusiasm and creativity are evident in your investigation report. Assignment Topics Choose one of these topics for your investigation report. Topic 2. You require a car to travel to and from work and for leisure. Is it more cost effective to buy a petrol, natural gas or hybrid (petrol and electric) car? Describe how you would budget for the cost of car and the running costs. You could consider whether to lease or purchase the car. If you choose this topic, here are some examples of the issues you will need to consider: • What make and model of car will you choose and why? • What type of car will you buy? (petrol, gas or hybrid) • How you will pay for the car? (lease or purchase) • What on road costs will be involved? • How much insurance will you need to pay? How will you pay for this insurance? Compare the rates charged by different companies. • How much will the running costs, such as petrol usage and servicing, will you need to pay? • How will you budget for your use of the car? You will need to consider all your expenses. • What are the alternatives? How much do they cost? Make some comparisons. WHAT DO YOU NEED TO SUBMIT FOR THIS ASSIGNMENT? 1. A Contextual Statement In this statement you are required to discuss: ¥ Your job and income, where you live, transport options, lifestyle choices, and reasons for choosing this topic. ¥ How you will conduct the investigation. ¥ The comparisons that you made of the various options you considered for your project e.g. comparison of the costs tours with different companies, or the different makes of car, or different venues for your celebration. Provide an explanation for why your preferred choice. ¥ Your strategies for financing the project. You should consider borrowing money so that you can show your understanding of the mathematical processes that underpin interest rates and repayments. You can decide not to use credit if you prefer, but should show some understanding of what credit costs. ¥ Your budgeting strategies for a year. 2. The Budgeting Section You need to explain Your fortnightly income after tax Your living expenses The amount you expect to be able to save The cost of your project It is also appropriate to use tables or graphs to illustrate the use you will make of your income. You must provide examples of the mathematical processes and calculations you used in the investigation. This section of your report allows you to demonstrate your understanding of the mathematical processes and algorithms you have used in your budgeting. You should give at least ten examples of the calculations you have made, showing addition, subtraction, multiplication and division using two methods, including the standard method and one alternative method. Working should be shown. You should also include a percentage and a fraction calculation. You should explain the standard methods in detail so that a person unfamiliar with the algorithms could learn to use them correctly. 3. The Reflective Statement In this section of your assignment you need to discuss the following: ¥ The results of your investigation. Was your budgeting for the project successful? If this was not the case how could you change your budgeting? • If you were planning this project again what changes would you make? ¥ Did you encounter any difficulties with the investigation? How did you overcome these difficulties? ¥ What have you learnt from this investigation? 4. Referencing The references used should be shown in text and in a reference list at the end of your assignment, using APA style.