7th Grade Math, Percents, Simple Interest
Author: Beata Spillman
Beata Spillman
7th Grade Math
Percents
Simple Interest
Who offers me a better deal?
Who wants to work in a bank in the future?
(We are having a discussion about banking, investment, Wall Street etc.)
Students volunteer: Jason and Anna
Jason is walking on the street 5 years from now and sees me. He says: Ms. Spillman, I have a great deal for you! Give me $100 and I’ll invest it for you in my bank. I will give you a 10% rate for 6 years.
100 x 0.1 x 6 = 60
Making $60 in 6 years. (Hm…not bad…)
Anna is walking down the street and see me while I’m trying to make up my mind about investing my $100 with Jason. She says: Ms. Spillman, give me $100 and I’ll invest it for you in my bank for 3 years at 15%.
100 x 1.15 x 3 = 45
Making $45 in 3 years. (This seems good too)
Who is offering me a better deal?
Students discuss the issue. I tell them that if they convince me to go with one of the banks, they will receive extra points on their test. They come up with a lot of amazing reasons.
At the end, they learn that there was not one correct answer. It was a Socratic Seminar in math.
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On reflection: Which of the Habits would be most helpful next time you face a dilemma such as this one?
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