Sample work Mathematics K–10 Stage 5: Earnings, Interest and Depreciation

Description of activity

Students calculate earnings using normal and time-and-a-half pay rates. Students calculate tax using percentages and determine net fortnightly pay. Students use the simple interest and compound interest formulae to solve problems. Students apply appropriate strategies or formulae to determine the depreciation of an asset.

Context

Students have been learning about methods of earning money and the difference between gross pay and net pay. Students have been comparing, contrasting and calculating simple interest and compound interest, including the use of relevant formulae. The application of the appropriate strategy or formula to determine depreciation has also been explored and discussed.

Outcomes

MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts

MA5.1-2WM selects and uses appropriate strategies to solve problems

MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context

MA5.1 4NA solves financial problems involving earning, spending and investing money

MA5.2 1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions

MA5.2 2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems

MA5.1 4NA solves financial problems involving earning, spending and investing money

Criteria for assessing learning

(These criteria would normally be communicated to students with the activity.)

Students will be assessed on their ability to:

• Solve problems involving earning money, including use of different rates of pay and the calculation of net pay
• Solve problems involving simple interest
• Solve problems involving compound interest
• Solve problems involving depreciation using appropriate strategies or the application of relevant interest formulae.