Part 6b
Doing the parts of this project over the past 4 months has given me many new insights on how algebra is needed in the real world.I learned that algebra is needed for a variety of different important tasks,such as calculating profit,predicting expenses,and even finding the right bank. For the first part of the project,our task was to calculate the costs of the various services we had to use to get our backpack business up and running.To do this,we had to compose unique formulas for each service,whether it be the cost of materials for the actual bag,or the total cost of shipping the bag.Each of these formulas allowed us to predict the overall cost of materials and services to ship and manufacture the bag.This information brings us to the second part of the project.For the second part of the project,I had to draw up graphs for each formula that I had to write for the first part of the project.These graphs varied greatly,from constant increase situations to a step graph.Drawing these graphs helped me visualize how much the cost of these services varied.In real life,drawing these graphs would have helped me to get a general idea of how much money was required to start my business. The last part of the project required us to research different bank accounts in order to which one was the best to deposit our money in.We had to look at various factors,such as the amount of interest the bank offered,what type of account the bank offered(money maker,savings account,etc),and if the bank had any restrictions on withdrawal of money.To choose the perfect bank account for my needs,I had to choose several bank accounts that caught my interest and compared them side by side. Along with the factors listed above,I used the compound interest equation to find out how much my money would grow over the years in each account.All of the parts of this project combined to form truly a great learning experience.I now have greater understanding of how algebra has an essential place...