data and solutions:

FIRST OPITION:

year 1: 80,000 x 1.042 = 83,360

year 2: 83,360 x 1.042 = 86,861.12

year 3: 86,861.12 x 1.042 = 90,509.287

savings: 10,000 + 10,000 + 10,000 = 30,000

grand total: 30,000 + 90,509.287 = 120,509.287

i used the 3-year GIC 4.2% and changed it to 1.042 because this way i can multiply it by the 80,000 in a simpler way.

year 1: i started off by multiplying 80,000 and 1.042 which got me to 83,360 as the final answer to year one

year 2: I then took the 83,360 from the total of year one and multiplied it by 1.042 this gave me the answer of 86,862.12

year 3: I took the answer of year 2 which was 86,862.12 and multiplied it by 1.042 I got 90,509.287 as my final answer of adding 4.2% GIC to 80,000 for 3 years.

savings: after each year there is $10,000 saved up so at the end, I added the 10,00 from all 3 years and got 120,509.287

grand total: $120,509.287

SECOND OPITION:

year 1: 80,000 x 1.035 = 82,000 + 10,000 = 92,800

year 2: 92,800 x 1.035 = 96,048 + 10,000 = 106,048

year 3: 106,048 x 1.07486 = 113,986.753 + 10,000 = 123,986.753

i used 1 Year 3.5% annual non-redeemable GIC for the first two years then for the last year i did 7.486 as stocks.

year 1: for the first year i used the 80,000 i started with a multiplied it by 1.035 which got me to 82,800 and then added my $10,000 from savings i ended up with a total of 92,800 for year one.

year 2: i used 92,800 from the total of year one and multiplied that by 1.035 which then got me to 96,048. after that i added the $10,000 dollars from my yearly savings i ended up with 106,048 as a total for year two.

year 3: for the last year i used stocks at a percent of 7.486% this then got put into a decimal of 1.07486 which i multiplied by the total of year 2 then i got the answer of 113,986.753 with this number i then added the $10,000 i had from savings. this brought me to 123,986.753

grand total: $123,986.765

Collaboration and Contributions

1. I found working with a group a lot easier, considering everyone was at a different skill level and had different ways to approach the question. This gave a verity of answers and different strategies to find it.
2. I contributed to my group by writing down are work we showed. They used a calculator to help all of us understand and find the answers to the equations.
3. I did not use any of the work my group and I came up with because we did not calculate it properly. we added the $10,000 dollars yearly, we weren’t supposed to do that because we cannot add or take out money from a 3-year GIC plan.
4. I would rate my ability to work with others a 4/4 because I can communicate my ideas with my peers. I also know how to accept new thoughts.

justification: my strengths for this project was showing my work in a simpler form so it is easier to understand. by showing my work step by steps and individually each year it is easier to follow along. i also wrote my work in words so there are different ways to see the work i have done. my weaknesses i could have added more graphs in the excel part. this could have been a way for me to show my learning in a different form. i also think i could have been clearer with my labeling in Excel by making the headers more understandable.

core competency reflection:

I can analyze evidence to make judgements, when I did the math because I can estimate what i think the answer is before doing it. if i know that the number i got when calculating doesn’t really make sense to me then i have made a mistake along the way somewhere.

Others find my feedback useful because when working in groups for the questions i looked over my groups work, and we made a couple mistakes that i noticed which when we fixed them my group found it useful for the project.

I remain open minded as I explore viable options or alternative approaches, like when I was working with my group i was welcoming to new ideas that they had. for some of the questions we had different ways to approach the question.

I can ask open-ended questions to gather information, an example of this is when i asked myself during the project if there are better ways to get the 15% in the three years. this led me to the idea of doing two options to see what one is the better choice and comparing the two to see the differences.

option one VS option two

in my opinion option two is the better one because you end up with more money than you needed. i went over the 120,000 by 3,986.765 this means i will have extra money. although option one is riskier because in the last year, we were working with stocks so it could have lost us money instead of going over. for option two it was a safter bet because in a three-year GIC plan you can’t lose money, but you also cannot put money in the GIC plan until the three years is up. the first option still would have worked because i still ended up with 120,509.287. i feel that option two suits me best because it says that i am more of a risky person, meaning i am ok to try new things even if it costs losing my money.