Creating proposal and making calculations

Part I: Creating a Proposal

After a number of years of saving up all your pennies you have finally reached a total amount of $6,000. Instead of using your savings to travel, purchase the newest technologies on the market, or using this money for your daily expenses you have decided to put your money into a savings account.

After an extensive amount of research you have the following options to choose from:

Bank 1 offers an 8% annual interest rate.

Bank 2 offers a 7% annual interest rate compounded quarterly.

Bank 3 offers a 7% annual interest rate compounded monthly.

Bank 4 offers a 5% annual interest rate.

1.Decide which bank you consider to be the best option to open a savings account for one year. Justify your answer.

2.After, decide which bank will be the best option to open a savings account long term. Create a proposal as to why the bank you selected is the best option.

ALL of the following questions must be answered in your proposal.

Show the amount of money that each bank will yield after 2 years, 5 years, and 10 years. Make sure to interpret your results.

Did the interest offered across the banks play a role in your decision?

How much money would you make from saving $6000 in the bank selected?

Part II: Writing & Solving Equations

Use the following information for questions 1-3.

Note: You will also use the information below for Part III.

Location 1:Buenos Aires, Argentina

Currency used: Argentine peso

Average cost of accommodation per day: $35 US Dollars

Average cost of airfare: $1,112 US Dollars

Currency exchange rate: 59.75 Argentine pesos per 1 US Dollar

Location 2: Seoul, South Korea

Currency used: South Korean won

Average cost of accommodation per day: $94 US Dollars

Average cost of airfare: $845 US Dollars

Currency exchange rate: 1169.56 South Korean Won per 1 US Dollar

Location 3: New Delhi, India

Currency used: Indian Rupee

Average cost of accommodation per day: $40 US Dollars

Average cost of airfare: $858 US Dollars

Currency exchange rate: 72.03 Indian Rupee per 1 US Dollar

1. Marco wants to spend a total of $245 on his accommodation in Buenos Aires, Argentina. The online booking company charges $35.00 in fees. The cost per night is $35 US Dollars.

Write an equation to represent this problem.

How many days would Marco have stayed at this accommodation if he paid a total of $245?

2.Marino paid a total of $706 for his accommodation in Seoul, South Korea. He will be spending 7 nights at his hotel. The cost per night is $94 US Dollars.

Write an equation to help Marino figure out how much money he was charged in fees.

Determine the amount of money he was charged for fees.

3.Alexander is unsure of how many nights he will stay in New Delhi, India. The cost per night is $40 US Dollars.

Write an equation that will allow Alexandra to calculate what his total cost will be if he is charged $14 in fees.

What will the Alexander’s cost be if he decides to stay 4 nights, 5 nights, or 6 nights?

Part III- Creating a Budget

Instead of saving your money in a savings account- you want to plan a trip for spring break. Therefore, you have $6,000 to spend. Determine the location you want to travel from Part 2 (South Korea, Argentina, or India)

Before you select one of the locations provided above, determine if you want to save any of your money. If so, what percentage do you want to save? ___________

1.Create a budget for your trip using the amount of spending money you decided to use from your $6,000. The budget you create must be in the currency of the location you decide to travel to. (Your budget cannot be in U.S. Dollars, you must convert your dollars into the currency of the country you select!)

You must use the following currency exchange:

Currency exchange rate: 59.75 Argentine pesos per 1 US Dollar

Currency exchange rate: 1169.56 South Korean Won per 1 US Dollar

Currency exchange rate: 72.03 Indian Rupee per 1 US Dollar

Based on the percentage of money you decided to save calculate the amount of money you will spend on the trip.

Your budget should include the following airfare, transportation for your entire trip, food expenses, accommodations, sightseeing and activities, and any other expenses you may have.

Calculate the percentage of money you will spend on
Accommodations
Airfare
Food expenses
Sightseeing & activities
Transportation
Other