Performance Assessment Task # 1: Mathematical Applications
This performance assessment is designed to assess the learner’s ability to calculate compound interest, write and solve equations, and apply the percent equation.
Part I: Creating a Proposal After a number of years of saving up all your pennies you have finally reached a total amount of $6,000. You have decided to put your money into a savings account. After an extensive amount of research you have the following options to choose from:
Bank 1 offers a 7% annual interest rate compounded monthly.
Bank 2 offers a 7% annual interest rate compounded quarterly.
Bank 3 offers a 7% annual interest rate compounded weekly.
1.Decide which bank is the best option to open a savings account for one year. Show all your work to justify your answer.
2. Decide which bank is the best option to open a savings account for 10 years. Show all your work to justify your answer.
3.How much money would you make from saving $6000 in the bank selected after 10 years?Part II: Writing & Solving Equations 1. Marco wants to spend a total of $245 on his accommodation in Buenos Aires, Argentina. The cost per night at his accommodation is $35. The online booking company charges a one-time fee of $35.00.a)
Write an equation to represent this problem.b) How many days would Marco have stayed at this accommodation if he paid a total of $245?2.Marino paid a total of $706 for his accommodation in Seoul, South Korea. He will be spending 7 nights at his hotel. The cost per night is $94 US Dollars.a) Write an equation to help Marino figure out how much money he was charged in fees. b) Determine the amount of money he was charged for fees.
23.Alexander is unsure of how many nights he will stay in New Delhi, India. a) Write an equation that will allow Alexander to calculate what his total cost will be if he is charged $14 in fees and the cost per night is $40.b) What will the Alexander’s cost be if he decides to stay 5 nights or 6 nights?Part III- Percentage Problems1.You currently have $4,500 saved in your bank account. You have decided to use $2700. What percentage of your savings did you use? Show all your work to justify your answer.2. An organization raises money for students who attend Berkeley College every year. Currently, they have raised $11,250 which represents 45% of the money they raise. Determine the amount of money the organization will raise in total.Show all your work
