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TAKE-HOME ASSESSMENTUnit 1: Patterns of ChangeWith the cost of college increasing every day, it is important that parents make plans about how they can help pay for their child’s college education. The descriptions below indicate savings plans used by two different families.The OrtegasMr. and Mrs. Ortega put $1,000 into a savings account every year on their daughter’s first birthday (Jan. 1) through her fifth birthday. They did not put any money into the savings account after that. The account earned 5% interest per year, which was paid on the last day of each year.The ThompsonsMr. and Mrs. Thompson could not afford to save when their son was young. They began putting $1,500 into a savings account on their son’s thirteenth birthday. They continued this through his eighteenth birthday. The account earned 5% interest per year, which was paid on the last day of each year.Use a calculator or spreadsheet to help you determine which family had more money saved for college at the end of the year that their child turned 18. Write a summary answering the question: Which family made the better investment? Clearly show and explain your work. Your report to the families will be graded on accuracy in your calculations and how you communicate your results. Graphs, tables, rules, and a written analysis are required to show a complete picture of the two options. Your report will also be judged on neatness, creativity, and professionalism.*Note, these are atypical interest schemes, but are used here for simplicity since this is unit one.***You should complete this take-home project on your own. You may NOT get help or compare answers with other 8th grade students. You may discuss the problem with your teacher, parents, or older siblings.**Initial that you have read and agree to this statement: ______You can earn a maximum of 20 points for this assignment.Accuracy in calculations: 8 pointsCommunication (graphs, tables, Now-next rules, written analysis): 7 pointsNeatness, creativity, and professionalism: 5 pointsThe DUE DATE is September 26th, 2013 ................
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