Grade 8 Math Assignment Due Date Wednesday October 31st

An Unexpected Inheritance

Suppose that you have inherited $10 000.00 from a distant relative. According to his will, you must put 65% of your inheritance into a savings account for your post-secondary education. You may spend the remaining amount of money on exactly 5 items of your choice, with the following conditions;

• You must research and find the best interest rate available for the money you are investing
• You must find the best buy for each item

How will you use your inheritance?

1. How much money will you invest? How much money do you have to spend?

2. Where will you invest your money for your education? Investigate a minimum of 3 banks.

3. How much money will you have in your savings account in five years? How much of this money will be interest? Be sure to compound your interest yearly.

4. Make a list of 5 items that you would like to buy with the remaining money.

5. Research using the Internet or another source to find the best buy for each item on your list.

6. For one item, show the highest and lowest price and determine the difference between the two prices. Show the difference as a percent.

7. Verify, through calculations, that you can purchase all the items on your list with your money. Remember to include 13% tax.

8. What is the ratio of spending money to savings? Create and solve another problem

9.  that involves ratios.

Assessment

Please review the math problem solving success criteria to help guide you.