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Modeling Scenario

1-040-OutcomeSavings-ModelingScenario

Author(s): Brian Winkel

SIMIODE - Systemic Initiative for Modeling Investigations and Opportunities with Differential Equations

Keywords: Pop_Growth Pilot savings growth deposit g

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Abstract

Resource Image We ask students to build a model for a savings account and to determine the monthly deposit in a savings account in order meet a long term savings goal.

Citation

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Article Context

Resource Type
Qualitative Analysis
Application Area
Technology
Approach
Skills
Key Scientific Process Skills
Pedagogical Approaches
Vision and Change Core Competencies - Ability
Bloom's Cognitive Level

Description

You are going to build a mathematical model for savings. Be sure to state all your assumptions

  1. Build a mathematical model to determine the monthly deposit you will need to make in a fixed interest account in order to attain a set financial goal in 20 years.
  2. Apply this model to a situation in which you make an initial deposit of $100 and you wish to attain a balance of $100,000 in 20 years. Make a table of the monthly deposits for fixed interest rates going from 0.5% to 20% in increments of 0.5%.
  3. Modify some aspect of your model, e.g., change an assumption, redo your analysis, and compare your results. Comment on the comparison.

Article Files

Authors

Author(s): Brian Winkel

SIMIODE - Systemic Initiative for Modeling Investigations and Opportunities with Differential Equations

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