GET LOST IN USA
Introduction
Michael and Joe are planning to travel to America for a holiday. They plan to be in America for three months, (Nov, Dec and Jan) and during that time take a two week bus tour through to San Francisco.
This activity requires you to calculate the maximum amount of money Michael and Joe will need to save for their trip and how long it will take them to save it.
Show your calculations. Use correct mathematical statements. Clearly communicate your strategy and method at each stage of the solution. You will be assessed on the quality of your discussion and reasoning, and how well you link this to the context.
Task
Use the following information to find out how much money Michael and Joe will need to save and how long it will take them to save it.
· Michael and Joe estimate that for each day they are in America, between them they will need on average NZ$120 when they are not on the bus trip.
· Joe earns $517 each week. Michael earns $631 each week. Joe is able to save one fifth of his income and Michael 24% of his income to put towards the trip.
· The cost for the return air tickets is $1800 plus a 2% surcharge each.
· The cost of travel insurance is $185 plus GST (15%) for the two of them.
· The bus trip costs $456 American dollars per person.
· American dollars are used as currency in America.
· The Exchange rate is: 1 NZ Dollar = 0.66 American dollars
ACHIEVED:
To achieve the 4 credits in this assessment you need to calculate the following amounts.
1) Calculate Joe's weekly savings.
1/5 x $517 = $103.40
2) Calculate Michael's weekly savings
24% of $560 = 24/100 x $631= $151.44
Total weekly savings = $254.84
3) Calculate the cost of the bus trip in $NZ (divide the US dollars by the exchange rate)
Two tickets therefore
2 x $456 = $912
$NZ = 912/0.66 = $1381.818 ...(rounding)
$1381.82
MERIT:
EXPENSES
Average daily spending
92 days at $120 per day but take off 14 days for the bus trip = 78 days
78 x 120 = $9360
Air Tickets
$1800 x 2 for two tickets
1800 x 2 x 1.02= $3,672
Travel Insurance and GST
GST $185 x 15/100 = $27.75 or $185 x 1.15 = $212.75 (shortcut)
$185 + $27.75 = $212.75
Bus Trip Cost (from Achieved)
$1381.82
Total Costs or Expenditure
$1381.82 + $3672 + $212.75 + $9350= $14626.57
Total weekly savings from above
$151.44 + $103.40 = $254.84
Time to save in weeks = Total Expenditure/Total Savings
= $14626.57 /$254.84 = 57.39 weeks
Or 58 whole weeks
It will take them approximately 58 weeks to save for the trip
Michael and Joe are planning to travel to America for a holiday. They plan to be in America for three months, (Nov, Dec and Jan) and during that time take a two week bus tour through to San Francisco.
This activity requires you to calculate the maximum amount of money Michael and Joe will need to save for their trip and how long it will take them to save it.
Show your calculations. Use correct mathematical statements. Clearly communicate your strategy and method at each stage of the solution. You will be assessed on the quality of your discussion and reasoning, and how well you link this to the context.
Task
Use the following information to find out how much money Michael and Joe will need to save and how long it will take them to save it.
· Michael and Joe estimate that for each day they are in America, between them they will need on average NZ$120 when they are not on the bus trip.
· Joe earns $517 each week. Michael earns $631 each week. Joe is able to save one fifth of his income and Michael 24% of his income to put towards the trip.
· The cost for the return air tickets is $1800 plus a 2% surcharge each.
· The cost of travel insurance is $185 plus GST (15%) for the two of them.
· The bus trip costs $456 American dollars per person.
· American dollars are used as currency in America.
· The Exchange rate is: 1 NZ Dollar = 0.66 American dollars
ACHIEVED:
To achieve the 4 credits in this assessment you need to calculate the following amounts.
- use percentages to calculate Michael's weekly savings
- use fractions to calculate Joe's weekly savings
- use rates to find the cost of the bus trip in $NZ.
1) Calculate Joe's weekly savings.
1/5 x $517 = $103.40
2) Calculate Michael's weekly savings
24% of $560 = 24/100 x $631= $151.44
Total weekly savings = $254.84
3) Calculate the cost of the bus trip in $NZ (divide the US dollars by the exchange rate)
Two tickets therefore
2 x $456 = $912
$NZ = 912/0.66 = $1381.818 ...(rounding)
$1381.82
MERIT:
EXPENSES
Average daily spending
92 days at $120 per day but take off 14 days for the bus trip = 78 days
78 x 120 = $9360
Air Tickets
$1800 x 2 for two tickets
1800 x 2 x 1.02= $3,672
Travel Insurance and GST
GST $185 x 15/100 = $27.75 or $185 x 1.15 = $212.75 (shortcut)
$185 + $27.75 = $212.75
Bus Trip Cost (from Achieved)
$1381.82
Total Costs or Expenditure
$1381.82 + $3672 + $212.75 + $9350= $14626.57
Total weekly savings from above
$151.44 + $103.40 = $254.84
Time to save in weeks = Total Expenditure/Total Savings
= $14626.57 /$254.84 = 57.39 weeks
Or 58 whole weeks
It will take them approximately 58 weeks to save for the trip