Tools and Math for Money.pdf

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Lessons for Life

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Money Math

Lessons for Life

Written by

Mary C. Suiter

Sarapage McCorkle

Center for Entrepreneurship and Economic Education

University of Missouri—St. Louis

Mathematics Consultant

Helene J. Sherman

University of Missouri—St. Louis

Cover Design by

Sandy Morris

Sponsored by

Citi Office of Financial Education

Department of the Treasury

Jump$tart Coalition ® for Personal Financial Literacy

University of Missouri—St. Louis

by The Curators of the University of Missouri

a public corporation

ISBN 978-0-9709279-1-0

Teachers may obtain a free printed copy of Money Math: Lessons for Life by sending an e-mail request to: moneymath@bpd.treas.gov

Center for Entrepreneurship and Economic Education

University of Missouri-St. Louis

One University Blvd., St. Louis, MO 63121-4499

www.umsl.edu/~econed

Reproduction of this publication is permitted and encouraged.

Printed in the United States of America.

ISBN 978-0-9709279-1-0

$ 3

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Money Math: Lessons for Life

Table of Contents

Foreword

Correlations to National K-12 Personal Finance Standards

vii

Correlations to NCTM Principles and Standards of Mathematics

Lesson 1 The Secret to Becoming a Millionaire .......................................................................1

Students learn how saving helps people become wealthy. They develop “rules to become a

millionaire” as they work through a series of exercises, learning that it is important to: (1) save early

and often, (2) save as much as possible, (3) earn compound interest, (4) try to earn a high interest

rate, (5) leave deposits and interest earned in the account as long as possible, and (6) choose accounts

for which interest is compounded often. This lesson assumes that students have worked with percents

and decimal equivalents.

Lesson 2 Wallpaper Woes ........................................................................................................ 23

Students hear a story about Tom, a middle-school student who wants to redecorate his bedroom. They

measure the classroom wall dimensions, draw a scale model, and incorporate measurements for

windows and doors to determine the area that could be covered by wallpaper. Students then hear more

about Tom’s redecorating adventure, learning about expenses, budget constraints, and trade-offs. For

assessment, students measure their rooms at home. This lesson requires that students know how to

measure, or a review may be necessary before teaching.

Lesson 3 Math and Taxes: A Pair to Count On .................................................................... 35

Students examine careers and reflect on how workers use math in their occupations. They study

selected occupations, learning about the work skills (human capital) that different workers possess

and salaries that those workers earn. Next, students learn about how taxes are paid on income that

people earn and how income tax is calculated. They learn how the progressive federal income tax is

based on the ability-to-pay principle.

Lesson 4 Spreading the Budget ............................................................................................... 61

Students develop a budget for a college student, using a spreadsheet. They examine the student’s

fixed, variable, and periodic expenses and revise to adjust for cash flow problems that appear on the

first spreadsheet. This lesson is designed to increase student awareness and appreciation of the

efficiency of using computer technology in math applications.

Money Math: Lessons for Life

Reproduction is permitted and encouraged.

iii

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