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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.

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Article Context

Resource Type
Differential Equation Type
Technique
Qualitative Analysis
Application Area
Course
Course Level
Lesson Length
Technology
Approach
Skills
Key Scientific Process Skills
Assessment Type
Pedagogical Approaches
Vision and Change Core Competencies - Ability
Principles of How People Learn
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.

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Authors

Author(s): Brian Winkel

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

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