Data and Solutions
As a task, my goal was to reach $130K in three years, starting with the 80K I already had.
first, I put my 80K into the GIC for the next 3 years, which would increase the money to $90,509
Meanwhile, using the savings I had gathered from before, I would put 20K of the 30K into stocks,
This means that the rates could either become low and the savings could all add up to $18,620, or the rates would be good and end up being $21,497.2.
Here are the Excel graphs used to represent my work. the two grand total stocks are the alternate outcomes of the stock ratings.
Overall, the 90K combined with the 20K would only equal $112,006, which is actually not enough to get to 130,000. perhaps I would need to borrow money from the bank or a friend
However, if the stocks HAD been low, it would have only added up to $109,129, being 21,000 short.
I feel as though I could have done better, as even with good stocks I am missing 18,000 in cash. I supposed that if I DID add in the 10,000 savings, I would still be missing 8,000, which isn’t very good.
My Calculations!
3 year GIC: 80,000 x 1.042 = 90,509
Savings/stocks: 30,000 -20,000= 10,000
7.48% x 20,000= 21,497.2
20,000 x .931= 18,620
+ 21,497 + 90,509 = $112,006 (+10,000), Goal unreached!
– 18,620 + 90,509 = $109,129 (10,000), Goal unfinished!
Collaborations and Contributions
I believe that working with my friends made it much easier, as we could compare our work to one another’s to find the answer together. I also find that working collaboratively gives me more confidence and ability in my learning.
I contributed myself by helping to calculate the totals, mainly helping with finding the answers to the heavier math. I tried to also watch the others, to get a better grasp on the work that I was learning.
With that, I definitely tried to listen to the ideas of the other group members, as when somebody had an idea, we would put our minds together to make it the most reasonable answer. I regularly tried my best to use their ideas, but made sure to focus on myself as well, and what I thought.
I would give myself a 3/4 on collaboration, as I allowed some of the other group members to take a lead on our projects as well.
Core Competency Reflection
My strategies for collecting relevant information for specific tasks may include always asking the group members questions, paying attention to the work itself and making sure to write the details down. An example of this is for when we all did the recent GIC and stock work together. we wrote the work down on a piece of paper.
I can ask and respond to questions to be an active, supportive listener. An example of this is when I would ask about what my group wrote, so that we can collaborate. I usually try to make my groups more lively.
When I need to work collaboratively with people I don’t know well, I usually try to get to know each person, to make them comfortable so our work together becomes more effective. I try to understand their views on the project, and how they think the work could be completed.
I can reflect on my thinking. I like to think about how it adds up with the work being shown and how I can fit my concepts into my work. Whenever I truly take the time to reflect, I can look back on my mistakes, past and present, to help me learn when I fulfil my future.
