FOM11

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Simon Fraser University *

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Business

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Jan 9, 2024

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pdf

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Uploaded by ajndsdns

Questions to complete after reading and watching the lessons from the “Foundations of Mathematics Reading and links” document. 1. From the “History of Money” video, what is the earliest evidence of paper money? Do you think paper money will go extinct? The earliest form was found in China around 815 AD which was used to buy anything. This is evident in the primary sources dating back to 815 AD as well as in the archeological sites. Like all previous forms of money such as cowry shells, paper money will go extinct. It is starting to as the pandemic shifted many stores to only accept card payment. 2. Classify each example as barter or money by marking the correct box with an X (4 marks) Barter | Money a. Trading doing the dishes for a hamburger. x b. Exchanging $10 for a movie ticket x c. Anexchange using coins or banknotes. X d J.T. gets a new car and pays for it with his " credit card. X . Mr. R traded Mr. B two chickens for a leather " belt. X ; The trading of one service for another " service. X g. Trading seven dollars for a hamburger. x h Simi gives Jim her cookies in exchange for " him cleaning her desk. X 3. Identify each habit as a habit of consumerism (C) or a habit of minimalism (M). (3 marks) a. The need of an item is carefully considered prior to purchasing. m b. Items are purchased to help you be happy. C c. Judging people based on what they own. C d. Valuing experiences over things. wm e. Buying items that are a good deal, even if they are not really needed. C f. Recognizing that material goods do not lead to long-term happiness. LAY 3 of9

4. Based on the video “The Story of Plastic”, why is plastic bad and what do we need to do? _ 2 marks) It pollutes the earth and causes a lot of harm to the environment. Espec{ally the air quality. It’s being found inside animals such as sea turtles and harms them. 3rd world countries are being used as a waste facility for the excess plastic of the 1st world. We have to limit out single use plastic consumption and replace it with more natural packaging or multi use packaging. This is very difficult to execute as consumers since a majority if not all packaging is plastic. But we must make it a priority. 5. Complete the table using the formula for simple interest. [=Pxrxt (5 marks) Interest Principal Annual Interest Time Rate a $800 6.75% 4 years $dlbo $ 130 $200 4 12% 20 months C $70 $500 ‘ 4 years 3s / d $130 $800 5.4% 3 3ears e $31.25 $ =0 6 V4% 40 weeks d) +- tlpe Space for #5 work: : ' oo 1 T 8008 &) (- 800 xS - 4 | = SH =0.054. 30 LIS 800 . (6 ovms) - U Bfu:’\ sy | = PY'\' zb\ | Q00 x L.S/ % 30 wmths [ = 800 -.048 x 30 io = —_ 6.as 4o ) e) b 40, N = 6.00as 53 O 1673301604 100 Sy -y Y- et —_— < ©.038 x 100 - 0 T mee—e——— SO $00-4 2000 @ (0.0635)(0. 14aa 2000 P,.\M\Pu' S /s 6. Calculate the time it would take for a $5000 investment to earn $800 of simple interest at a rate of 4.7% per annum. Round your answer to the nearest tenth of a year. (2 marks) ) 250 €00 - = S.HoHAss3A T (S U grars 46 earn $300 In §imple inrest 5000 - O.0UN 3 @ 4 of 9

7. Calculate the rate of interest paid if an eight year investment of $6000 earned $1000 in simple interest. (2 marks) e 1000 Y= P+ = m = 01083333333 X IQO 8. Calculate how many years it would take for $5000 to grow to $7600 at a simple interest rate of 6% per annum. (2 marks) 7000 4 - - &s.3333 Fwonla 4alm QS WS and arewnd U pronths S - 0.0 . o o g e s o i e 9. a) What is the Rule of 72? Rule 72 is the formula that estimates the amount of time it takes for an investment to double in value. b) Fill in the Rule of 72 chart: (2 marks) Interest (%) Time (years) 8% d 117 10 0 4.75% IS b 10. What are different ways of borrowing money? Explain each. (2 marks) There are three ways of borrowing money. Personal loan is a set amount of money borrowed for a specific purpose, such as buying a car. A Line of Credit is a set limit available to borrow when needed.The LOC is not the same as a loan because borrowers only pay interest on what they borrow. a LOC can be used as a loan to fund emergency expenses such as medical. Te main difference is a LOC can take awhile to be approved, while a loan can be processed quicker. A Credit Card is a card loan commonly with a limit to purchase regular goods and must be paid back by a due date. The main difference is the interest rate is much higher then with bank loans and cash withdrawals accumulate interest immediately. 5 of 9

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