Money Problem Solving

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Information about Money Problem Solving

Published on June 18, 2008

Author: ttravis


Slide 1: Money Problem Solving Slide 2: Put Your Thinking Cap On! On my 12th birthday my grandmother gave me a choice. She handed me one silver dollar and one dime. Then, she told me that if I picked the silver dollar she would send me one more silver dollar than the year before. So for my 13th birthday I would get 2 silver dollars. Next, she said that if I chose the dime she would send me twice as much money as the year before. So for my 13th birthday I would get twenty cents. Which choice would have earned me the most money on my 17th birthday? Slide 3: Which problem solving strategy would work best for me for this problem? Make a Table Slide 4: The silver dollar earned more so far... Slide 5: Which choice would have been better on my 22nd birthday? Slide 6: $11.00 $8.00 $9.00 $10.00 $6.40 $12.80 $51.20 $25.60 $7.00 $102.40 At 22 the dime is a better choice! Slide 7: How do we know the dime was a better choice? Slide 8: Try to solve this next challenging problem with your team! Slide 9:  You're sitting in math class, minding your own business, when in walks a success story from your school. He's made it big, and now he has a job offer for you. You'll have your choice of two payment options: One cent on the first day, two cents on the second day, and double your salary every day thereafter for the thirty days; or Exactly $1,000,000. (That's one million dollars!) Slide 10: HINT: 30 days is a long time and would make a VERY large table. Break the table into 1st week, 2nd week, 3rd week, 4th week, and the 29th and 30th day on the last table to find the pennies. That means you will have 5 tables altogether. Slide 11: At the end of the first week: .01 .01 .02 .03 .04 .07 .08 .15 .16 .31 .32 .63 .64 1.27 Slide 12: Option 2 $250,000.00 Slide 13: At the end of the second week: 2.55 10.23 2.56 5.11 5.12 40.96 10.24 20.47 20.48 40.95 81.92 81.91 1.28 163.83 Slide 14: Option 2 $500,000.00 Slide 15:  At the end of the third week: 163.84 327.68 1310.71 655.35 655.36 1310.72 5242.88 2621.43 2621.44 5242.87 163.84 10485.75 10485.76 20971.51 Slide 16:  We're getting into some serious money here now, over $20,000, but still nowhere even close to a million. And there's only 10 days left. So it looks like the million dollars is the best deal. Of course, we suspected that all along. Slide 17: Option 2 $750,000.00 Slide 18:  At the end of the fourth week: 20971.51 41943.03 41943.04 83886.07 83886.08 1342177.27 167772.16 335544.31 335544.32 671088.63 671088.64 167772.15 1342177.28 2684354.55 Slide 19: Option 2 $1,000,000.00 Slide 20:  Hold it! Look what has happened. What's going on here? We went from $21 000 to over a million in 6 days. This can't be right. Let me check the calculations. No, I can't find any mistakes. This is amazing. Look how fast this pay is growing. Let's keep going. I can't wait to see what the total will be. Slide 21:  At the end of the 30 days: 5368709.11 2684354.56 5368709.12 10737418.23 Slide 22:  In 30 days, it increases from 1 penny to over 10 million dollars. That is absolutely amazing.

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