Data and Solutions:
- I chose to put my money into a three year non-refundable GIC and a one year GIC account
- I stared out with $80,000 and put that money in a GIC account
- After one year of my money being in the GIC account I started to gain money
- Year 1- $80,000 x 1.042= $83,360
- I also put $10,000 in a 1 year GIC account, so my grand total was $93,360
- In the second year of my money being in both GIC accounts, I decided to make a savings account
- Year 2- ($83,360 x 1.043) +($10,000 x 1.035) + $10,000 = $107,211.12
- My grand total is now $107,211,12
- In year three, I kept my money in the same three accounts; 3 year GIC, 1 year GIC, and a savings account
- Year 3- ($86,861.12 x 1.042) + ($10,350 x 1.035) + $20,000 = $121,221.29
- My grand total after three years is $121,221.29, which means I am able to put a down payment of 15% on my $800,000 house without waiting having to wait any longer
Chart:
Justification:
I believe the solution I chose for this scenario is very good. For example, GIC accounts are a safe investment and they offer a guaranteed rate of return over an amount of time, and they guarantee you get your money back. Also, with saving accounts you will not lose your money and you can put money in and take it out whenever you need. Although there are many benefits with using these types of accounts there are some disadvantages. With GIC accounts and specifically the three year GIC account I used, I can not take any money out of the account until the end of the three years. Then, with saving accounts they are used to hold money and not necessarily make interest or produce much profit. Fortunately, with the accounts I used, there is no chance of loosing money like you would stocks, and I reached my goal of saving $120,000 without needing to wait any longer. I think I took the less risky path to reach my goal and with the test I took, it matches my risk tolerance.
Collaboration and Contributions:
How did you find working with your group?
I found working with my group a little challenging. I think it was challenging because we were not all friends and we were all nervous to speak up and share our thoughts. But, by the third day we all slightly warmed up to each other and we were able to work together and solve the six questions we needed to be done.
How did you contribute to your group and how did others contribute to your learning?
I contributed to my group by listening to every ones thoughts and ideas and sharing my own. I also worked hard and solved multiple questions for my group all while showing others how I complete the questions. I also completed the homework that was assigned on the second day so I had answers to share with my group. Other people in my group also worked hard and showed me how to do something or shared a formula with me when I didn’t understand something.
Did you use any other solutions proposed by your group?
I did think about using a solution involving stocks that our group had talked about but quickly realized how risky it is to invest and work with stocks. For example, one day you could make $10,000 but lose $17,000 the next day. I took all of the other options into consideration and decided I would take the possibly longer but less risky path to my goal.
How would you rate your ability to collaborate with others in your group?
Out of four I would probably rate my ability to collaborate with my group a three. I think I could have shared even more thoughts with my group and also the class when questions, that I knew the answers to, were asked. But, I do feel pretty good about the amount of information I shared and how much I contributed to my group.
Core Competency Reflection:
As an active listener, I notice that I…
As an active listener, I notice that I tend to shake my head and make small gestures and comments to show the speaker I am listening. If the speaker is speaking about a topic that is important or is something I don’t understand, I might take little notes regarding the topic all while still being engaged to the speaker.
If I notice that people are not paying attention, that’s a sign that my group needs help and we can get support by…
If I notice that people are not paying attention, that’s a sign that my group needs help and we can get support by asking a teacher or helper in the class to explain what we should be doing at that moment. I find when groups are so confused or lost on what to do, most people go and talk to their friends are go on their phone instead of asking a teacher for help.
Some things I think about before dividing tasks among group members include…
Some things I think about before dividing tasks among group members include how much time and work ethic do they have. For me personally, I am quite busy with after school sports and don’t have that much time to work on projects. But, I have an extremally good work ethic and I will push aside time for friends and work on school projects instead. I also think you should take level of understanding the project into consideration, you wouldn’t want someone who fully doesn’t understand the assignment doing the main, most important part of the project.
I make an effort to include missing voices or perspectives by…
I make an effort to include missing voices or perspectives by asking those people questions or asking them if they have any comments on something we just talked about. I think asking people questions and asking their opinions makes people feel more welcome and engaged in group conversations.