Outcomes Term 1 2025 Term 2 2025 Term 3 2025 Term 4 2025 MAO-WM-01 Working mathematically develops understanding and fluency in mathematics through exploring and connecting mathematical concepts, choosing and applying mathematical techniques to solve problems, and communicating their thinking and reasoning coherently and clearly Financial mathematics A MA5-FIN-C-01 solves financial problems involving simple interest, earning money and spending money Financial mathematics B MA5-FIN-C-02 solves financial problems involving compound interest and depreciation Algebraic techniques A MA5-ALG-C-01 simplifies algebraic fractions with numerical denominators and expands algebraic expressions Indices A MA5-IND-C-01 simplifies algebraic expressions involving positive-integer and zero indices, and establishes the meaning of negative indices for numerical bases Equations A MA5-EQU-C-01 solves linear equations of up to 3 steps, limited to one algebraic fraction Linear relationships A MA5-LIN-C-01 determines the midpoint, gradient and length of an interval, and graphs linear relationships, with and without digital tools Linear relationships B MA5-LIN-C-02 graphs and interprets linear relationships using the gradient/slope-intercept form Non-linear relationships A MA5-NLI-C-01 identifies connections between algebraic and graphical representations of quadratic and exponential relationships in various contexts Non-linear relationships B MA5-NLI-C-02 identifies and compares features of parabolas and exponential curves in various contexts Numbers of any magnitude MA5-MAG-C-01 solves measurement problems by using scientific notation to represent numbers and rounding to a given number of significant figures Trigonometry A MA5-TRG-C-01 applies trigonometric ratios to solve right-angled triangle problems Trigonometry B MA5-TRG-C-02 applies trigonometry to solve problems, including bearings and angles of elevation and depression Area and surface area A MA5-ARE-C-01 solves problems involving the surface area of right prisms and practical problems involving the area of composite shapes and solids Volume A MA5-VOL-C-01 solves problems involving the volume of composite solids consisting of right prisms and cylinders Properties of geometrical figures A MA5-GEO-C-01 identifies and applies the properties of similar figures and scale drawings to solve problems Data analysis A MA5-DAT-C-01 compares and analyses datasets using summary statistics and graphical representations Data analysis B MA5-DAT-C-02 displays and interprets datasets involving bivariate data Probability A MA5-PRO-C-01 solves problems involving probabilities in multistage chance experiments and simulations / Lesson Plan

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Objective

By the end of this lesson, Taj will have a solid understanding of financial mathematics, specifically focusing on simple and compound interest. He will be able to solve real-world financial problems, enhancing his ability to apply mathematical concepts in practical situations.

Materials and Prep

  • Paper and pencil for calculations
  • Calculator (optional)
  • Access to the internet for research (if needed)
  • Prepared examples of financial scenarios involving simple and compound interest

Before the lesson, ensure that Taj understands basic multiplication and division, as well as how to calculate percentages.

Activities

  • Interest Scenarios: Create three different financial scenarios where Taj needs to calculate simple interest. For example, "If you invest $200 at a 5% interest rate for 3 years, how much interest will you earn?" This will help him understand how simple interest works in real life.

  • Compound Interest Challenge: Present Taj with a scenario where he can calculate compound interest. For instance, "If you invest $500 at an annual interest rate of 4% compounded annually for 5 years, how much will you have at the end?" Encourage him to break it down year by year.

  • Real-Life Application: Ask Taj to research a real bank's savings account interest rates. Have him compare simple vs. compound interest using their rates and calculate the potential earnings over a period of time.

  • Financial Planning Game: Create a budget for a small event (like a birthday party). Taj will need to allocate funds, calculate total costs, and see how much he can save or earn through interest if he invests any leftover money.

Talking Points

  • "Understanding interest is crucial because it affects how we save and spend money. Can you imagine how much your savings could grow over time?"
  • "Simple interest is straightforward: it’s just a percentage of the principal amount. What do you think happens if we leave our money in the bank for a longer time?"
  • "Compound interest is like magic! It’s interest on interest. How do you think this can help you save for something big?"
  • "When planning a budget, knowing how to calculate costs and savings can help you make better financial decisions. What are some things you would want to save for?"
  • "Researching real bank rates gives you insight into how financial institutions work. What did you find out about the differences between simple and compound interest?"