Our solution:
Plan B: 3 year GIC
60,000*4.2%
62,520*4.2%
65,145.84*4.2%
After 3 years it would equal to 67,881.69
Plan A: 1 year GIC
1 year: (20,000 + 10,000)*3.5%=$31050
2 years: (31050 + 10,000)*3.5%= $42486.75
3 years: (42486.75 + 10,000)*3.5%=$54323.75
$67,881.69 + $54323.75= 122,205.44 (Total)
Justificationn
Strengths vs Weakness
Strengths:
We have done the math of how much n=money we will have after three years, which is the right amount of money we needed.
GIC’s is safe.
Weaknesses:
We aren’t able to touch our money for 3 years since it is with GIC.
We can’t access any money if we need it.
Tolerance:
The solution we chose does fit my tolerance of being safe and having a bit of a risk, but with the math that is done and decisions that have been made, it does suit my choices.
Our plan vs stocks
GIC’s ensures that we will have the right amount of money we will need by the third year.
Stocks are also a good idea but it is more of a risk. Stocks would’ve gotten us more money but, we can also get the right amount of money we need with the 3 year GIC without a big risk.
Collaboration and Contribution
Working with our groups worked out fine even with people away.
I contributed by helping make the excel document, everyone else helped make a plan and solution.
Yes we did use other solutions that was said with the group. We used two separate solutions.
My ability to work with other is like a 3/4.
Core Competencies – Collaboration
I know the group is working well together when I hear/see everyone talking and communicating with each other and knowing our responsibilities and contributions to the group. I can work with others to achieve a goal.
When I need to work collaboratively with people I don’t know well, I try my best to be open to anything and just welcome them. As we work together it is also a opportunity to get to know each other more and help each other more. I can recognize different point of views and can disagree respectful.