PWR Transitional Math



Name:Date:Life Goals – Research GuideDay 1When you graduate from college and get your first job, will you be able to support yourself? How will you know if you make enough money? This activity explores your future career choice and expenses you would acquire over a monthly basis based on where you want to live. You will be grouped based on career choice, and in the end will determine if you make enough money using an equation, create a graphical representation of your salary, and see exactly how long it would take you to have enough money for all of your expenses.Below are some examples of different careers based on content area.AccountingAutomotiveBroadcast JournalismBusiness DevelopmentConstructionCustomer ServiceDesignEducationEngineeringGovernmentHealth CareHuman ResourcesLegalManufacturingMarketingReal EstateRestaurant - Food IndustryRetailScienceTransportation1. Take some time to research these categories and different careers they offer. Make a decision on which category you might want to work in in the future. Write the category below.2. Research at least 3 careers within your category. Write the career options below and justify your selection.1st choice: __________________________ 2nd choice __________________________ 3rd choice __________________________ 3. Research at least 3 different locations where you may want to live. (ex. California, Colorado, New York) Salaries vary between locations, so decide where you want to “live”. You will need to include the city within the state you are thinking about living. This will be relevant to your research. Write the 3 locations below and justify your selection.1st choice: __________________________ 2nd choice __________________________ 3rd choice __________________________ 4. What is the state income tax? What is the median rent for a one-bedroom apartment in your chosen state? You may want to research your other 2 locations to compare.Income TaxRent for 1 bedroom apartment1st choice: __________________________ ______________________________2nd choice __________________________ ______________________________3rd choice __________________________ ______________________________5. What are average utility rates in those 3 locations?1st choice: __________________________ 2nd choice __________________________ 3rd choice __________________________ Life Goals Part 24. Now research your career. What degree/certification/training do you need to have this career? What is the income based on the location you chose? (cite your source) What would your hourly rate be? (40 hours a week at 52 weeks a year.) What would your annual salary be? 5. Every month you must pay bills and monthly expenses. How much money would each one cost a month based on the location you chose? List your monthly expenses and estimated amount for each expense. (Note: Look up how much tax is taken out of your paycheck and include this as an expense. Cite where you got the information for these estimates.)Expenses:AmountSourceRentTaxesUtilitiesFoodPhoneCar PaymentInternet/TVGasStudent Loan6. Now you will figure out if this career would provide enough money to support yourself. A normal work week is 40 hours a week. Work with your group to write an equation to determine if you make enough money each month to live on. Don’t forget to clarify what your variables stand for.7. Do you make enough money?If No-. How can you change your monthly expenses to fit your budget? (Find a roommate to share rent, use public transportation, etc.) Re-do your Expense List.If Yes – go on to question 8.8. Suppose every year you get a raise in your job. This raise is determined by the previous year’s salary. The first two years you get a 5% raise. But then the economy dips for the next three years so you only receive a 2% raise. After those three years the economy rises and you return to a 5% raise. Create two representations of this data. (you are welcome to use anything on the computer that may help in your display)Create a table of years and salary.Year% changeNew salary1234569. Create a line of best fit for your yearly pay. You may use a graphing calculator, Desmos, or can do it by hand:To do it by hand:Draw a line that goes through your data points in which there are an equal number of data points above and below your line.Choose 2 points on the line and write an equation.Use this equation to predict your salary 10 years from now.The line of best fit for my salary is: _________________________________________Based on this data, 10 years from now my salary should be: _____________________(show your work.)Life Goals Part 311. You get a credit card and decide to buy furniture for your new apartment. You get a little carried away and end up with a balance of $1500. How much will you still owe after 6 months? How long will it take you to pay it off?Research credit cards and choose one that you prefer: __________________(Example: VISA, Mastercard, etc.)Record the regular APR and minimum monthly payment required. (Note: You have had this credit card for a while, so the introductory 0% APR is not okay to use.)APR = _________Minimum Balance = _________________You can use this table to help:Payment No.Interest charged (APR/12)New BalanceMinimum PaymentNew Balance0$1500123456After 6 months I still owe: _________________________After 6 months how much have I paid? _________________________(Show your work.)How much interest have I paid in the first 6 months? ____________________(Show your work.)SUMMARY What did you (personally) learn from this exercise? Will knowing this information help you in the future? ................
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