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Teacher: Jamie Cushman

Exponential Functions

Unit 4:

Grade Level: 8-12

Large Purchase Activity


Goal: Students will be able to determine how long and what method is best
for planning and saving their money in order to make a large purchase of
their choosing. They will be able to explain why one option was more
effective/efficient than the others that they encountered. Students will also
be able to display their findings in an organized manner (excel, charts,
graphs, etc.) in order to present to others. Students will be able to correctly
identify and evaluate interest formulas to fit their specific scenario. Students
will be able to identify formulas needed to create charts and tables
displaying their information.
Overview: The purpose of this lesson is to raise student awareness
regarding earning, saving, spending, and interest rates. Students will also
gain awareness on effective search techniques, differentiating between
reliable and unreliable internet sources, gathering appropriate information
and applying that information to a situation or problem, explore a career field
of their interest and investigate salary information, and make educated
decisions based upon the results of their investigation and calculations.
Students will be asked to investigate one larger ticket item that they wish to
purchase as an adult. (home, car, boat, piece of art, etc.) Once they have
chosen their item, they will have to formulate a plan as to how they are
going to accumulate the money necessary to make this purchase taking into
account interest rates, pay rates, taxes, and any other factors that may
affect their ability to attain their goal. As students progress throughout this
project, they will be encountering many different obstacles which will help
them to learn even more than what the lesson has designed within it.
Students should be finding and using varying interest formulas in order to
calculate the best deal on their purchase as well as shopping around for the
best interest plan for their money to earn. The difference between
continuous compounded interest and regularly compounded interest will
become crucial in their decision making process. As students being to
progress throughout their project they should be receiving and giving
feedback within their peers groups. For example, if one student finds a good
interest rate they may want to share that with another student. Also,

students should be talking to each other about factors that may be missing
from ones plan as well as discussing with older family members a
reasonable amount to save or spend each month based on their monthly
income.
M.E.T.S.

6-8.RI.1. use a variety of digital resources to locate information


6-8.RI.2. evaluate information from online information resources for accuracy
and bias
6-8.RI.3. understand that using information from a single Internet source
might result in the reporting of erroneous facts and that multiple sources
should always be researched
6-8.RI.4. identify types of web sites based on their domain names (e.g., edu,
com, org, gov, net)
6-8.CT.1. use databases or spreadsheets to make predictions, develop
strategies, and evaluate decisions to assist with solving a problem
6-8.CT.2. evaluate available digital resources and select the most appropriate
application to accomplish a specific task (e, g., word processor, table, outline,
spreadsheet, presentation program)
6-8.CT.3. gather data, examine patterns, and apply information for decision
making using available digital resources
6-8.TC.7. use technology to identify and explore various occupations or
careers, especially those related to science, technology, engineering, and
mathematics
6-8.TC.8. discuss possible uses of technology to support personal pursuits
and lifelong learning

Objectives:

1. Have students research and choose career information based on their


interests.
2. Have students locate and find interest rates with their corresponding
formulas needed for calculations and make those calculations.
3. Have students compile information based on research and make
decisions based on their findings.
4. Create presentations using charts, graphs, excel spreadsheets, etc. in
order to display information to others.

Time: 3- 50 minute class periods for investigation and research


+1-50 minute class period for presentation and share-out
Resources:

Computer lab with internet access

Microsoft office access


Calculators
Tables for collaboration and feedback (3-4 students at each)
Overhead projector with computer adapter

Implementation Plan:
1. Inform students that they will begin a project that incorporates the
exponent information that they have been learning.
2. Distribute project guidelines to students.
3. Give students the following instructions.
a. Today you will begin a large project which will be used as an
assessment (test/quiz)
b. You will begin the project by choosing one large item (home,
car, boat, art piece, cottage, etc) that you think you may wish
to purchase as an adult.
c. Once you have decided on your item, you must have it
approved by the teacher before you begin any further
investigation.
d. Once your item has been approved, you will being researching
the following
i. A source of income (job or career)
ii. Savings plans (interest rates)
iii. Loan programs (interest rates)
iv. Prices of your item
1. Homes- Zillow, homes.com, etc.
e. Advise students that most large purchases are made through
loans from financial institutions which charge a fee, interest,
for borrowing their money. These rates can vary by institution
and can be found on each individual website.
f. Once you begin finding information, you will choose EXACTLY
which item it is that you are purchasing (ex. a specific home)
and determine the purchase price.
g. You then need to use that information to compare interest
rates and the price that you would pay over the entire term of
the loan.
h. If you are planning on paying cash for your item, you should
find out about interest paid to you on the varying savings
plans and how long it would take to save your desired amount
of money with interest calculated in.
(Advise students, when creating a savings plan that
banks will pay them interest for holding their money

4.

5.

6.

7.

and they should investigate the best plan to make


money on their money.)
i. Show students an example by projecting the Bank of America
site onto the overhead and showing where to find the interest
rates
https://www.bankofamerica.com/deposits/savings/savingsaccounts.go
j. Your findings and information should ALL be recorded, even if
that is not the bank (financial institution) that you choose to
go through.
k. This should all be organized and presented in an
understandable manner (excel, charts, tables, graphs, etc.)
l. Be sure to have information to support your decision and be
able to present this information to your peers.
m. You are choosing the BEST option based on how much it will
cost you or how fast you can accumulate the money.
n. Your savings and spending should coordinate with the type of
employment and income you are obtaining. You may want to
research or discuss with parents what is affordable and
reasonable.
Remind them that they must have a source of income (job with
accurate earning information) and they need to shop around for the
best game plan.
Once all questions and clarifications have been addressed, allow
students access to technology devices to begin their research for
the remainder of the class period.
With about 5 minutes remaining in the class period, please inform
students that they will need to save their work and document where
they left off so they can pick back up the following day. They are
welcome to take work home with them as long as it is brought back
the following day or they will need to start over.
When students come in each day, they should begin working
immediately. As they are working, check their progress by
circulating the room and noting what each student is doing. If any
student seems to be struggling or off task, redirect them by asking
leading questions.
a. Did you locate a source of income, job, etc?
b. What item are you choosing to purchase? Was that the best
deal you could find for that item?
c. What interest rates have you located? How many places have
you checked? Have you tried looking at borrowing through a
credit union since they generally have lower interest rates?

d. Are you planning on paying cash or taking out a loan?


e. What kind of timeline will you be looking at for saving the
money/paying it back? Is that a reasonable timeline?
*As the teacher, you should be facilitating the learning but allow the students
to draw their own conclusions based on their findings and calculations. If a
problem/obstacle is encountered, encourage students to discuss that with
others within the class/parents/close adults rather than turning to you for the
immediate answer.

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