Final Project MG2051

Each student must

complete a Final Project. Students may

copy this page and fill-in blanks for submission of their answers. A separate

sheet(s) must be attached to show work done where applicable. The Final Project

can be in either Word or Excel and will be submitted in the dropbox titled Final Project. A cover sheet should indicate the students

name, course number, instructors name, and the date submitted.

Problem 1: In the following sales report, total

the rows and the columns, and then check that the grand total is the same both

horizontally and vertically.

Salesperson

Region 1

Region 2

Region 3

Total

Becker

$5,692

$7,403

$3,591

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Edwards

7,652

7,590

3,021

Graff

6,545

6,738

4,545

Jackson

6,937

6,950

4,913

Total

Problem 2: Anne Domingoes drives a Volvo that

gets 32 miles per gallon. How many miles can she travel on 25 gallons of gas?

Problem 3: Sharon Parker bought 20 yards of

material to make curtains. She used 4 yards for one bedroom window, 8 and 3/5

yards for another window, and 3 and 7/8 yards for a hall window. How much

material did she have left?

Problem 4: While training for a marathon, Kristin

Woods jogged 7 miles per hour for 2 and 2/3 hours. How many miles did Kristin

jog?

Problem 5: On a map, one inch equals 240 miles.

How many miles are represented by 3/8 inch?

Problem 6: Leslie Tracy purchased her home for

$51,500. She sold it last year for $221,200. What percentage profit did she

make on the sale?

Problem 7: Northwest chemical Company received an

invoice for $12,480, dated March 12, with terms of 2/10, n/30. If the invoice

is paid March 22, what was the amount due?

Problem 8: The cost of an office chair is $159

and the markup rate is 24% of the cost.

What is A. the dollar markup and B. the selling price?

Problem 9: Parker and Company pays Selma Stokes

on a variable commission scale. In a month when Selma had net sales of $155,000,

what was her Gross Pay based on the following scale?

Net Sales

Commission Rate

Up to $40,000

5%

Excess of $40,000

to $75,000

5.5%

Excess of $75,000

to $100,000

6%

More than $100,000

7%

Problem 10: David Siderski bought a $7,500 bank

certificate paying 16% compounded semi-annually. How much money did he get upon

cashing in his certificate 3 years later?

Problem 11: Use the Business Math Handbook to find

the table factor for each of the following:

Future Value

Rate

# of Years

Compounded

Table Value?

$1.00

10%

5

Annually

$1.00

12%

8

Semi-annually

$1.00

6%

10

Quarterly

$1.00

12%

2

Monthly

$1.00

8%

15

Semi-annually

Problem

12:

You received a $2,000 rebate that brought the price of your car down to

$20,000; the financing was for 48 months, and your total interest was $3,279.

Using the table in the Business Math Handbook, what was your APR?

Introduction:

The Final Project of the course MG2051 consists of twelve math problems that students must solve using either Word or Excel. The project will be submitted in the dropbox titled Final Project with a cover sheet that includes the student’s name, course number, instructor’s name, and the date submitted.

Description:

The Final Project for MG2051 requires students to demonstrate their understanding of various mathematical concepts, including sales analysis, distance calculations, percentage profit, markup rates, and commission scales. The twelve problems in the project range from basic arithmetic operations to complex calculations involving tables, formulas, and rates. Students are required to show their work on a separate sheet(s) and ensure the accuracy of their answers. The project aims to test students’ ability to solve real-life problems that require mathematical skills and apply them to different scenarios. By completing the Final Project, students will develop the confidence and proficiency needed to use mathematics in their future endeavors.

Objectives:

– To develop skills in solving business math problems.

– To apply mathematical concepts and formulas in solving real-life business scenarios.

– To enhance knowledge and proficiency in using different tools and techniques for analyzing and interpreting numerical data.

Learning Outcomes:

Upon completion of this final project, the students are expected to:

– Perform basic arithmetic operations such as addition, subtraction, multiplication, and division to solve various business math problems.

– Use appropriate formulas and functions to solve problems related to sales, profit, commission, interest, and other financial data.

– Interpret and analyze numerical data presented in a table or graph form to draw conclusions and make informed decisions.

– Demonstrate proficiency in using tools such as spreadsheets and calculators to perform complex mathematical calculations.

– Apply critical thinking and problem-solving skills to develop solutions to business math problems.

– Communicate effectively, both orally and in writing, to report and present numerical data and mathematical solutions.

Heading 1: Sales Report Analysis

Objective:

– To analyze sales data and perform calculations to ensure accuracy and completeness.

Learning Outcomes:

Upon completion of this section, the students are expected to:

– Add rows and columns of data in a sales report.

– Compare and reconcile the grand total horizontally and vertically to verify accuracy.

– Identify and rectify errors or inconsistencies in the sales report.

– Present the sales report in a clear and concise manner.

Heading 2: Gas Mileage and Material Calculation

Objective:

– To apply mathematical concepts and formulas to solve problems related to gas mileage and material usage.

Learning Outcomes:

Upon completion of this section, the students are expected to:

– Calculate gas mileage based on miles per gallon and gallons used.

– Calculate the amount of material used and the amount left over based on the length of the fabric used in different windows.

– Convert fractions to decimals and vice versa to accurately calculate material usage.

Heading 3: Profit and Markup Calculation

Objective:

– To calculate profit and markup based on given data.

Learning Outcomes:

Upon completion of this section, the students are expected to:

– Calculate percentage profit using the formula (selling price – cost price) / cost price x 100.

– Calculate the dollar markup based on the markup rate and cost price.

– Calculate the selling price of a product based on the cost price and markup rate.

Heading 4: Commission Calculation

Objective:

– To calculate commission based on a variable commission scale.

Learning Outcomes:

Upon completion of this section, the students are expected to:

– Calculate commission based on different commission rates for different ranges of sales.

– Use the formula commission = sales x commission rate to calculate commission based on net sales.

– Analyze and compare different commission rates for different sales ranges.

Heading 5: Interest Calculation

Objective:

– To calculate interest based on the given rate and period.

Learning Outcomes:

Upon completion of this section, the students are expected to:

– Use the formula A=P(1+r/n)^nt to calculate the amount of money obtained on cashing a certificate after a given period of time.

– Calculate total interest based on the principal amount and the rate of interest.

– Use the table factors from the Business Math Handbook to calculate the interest rate (APR) based on given data.

Heading 6: Table Factor Calculation

Objective:

– To use the Business Math Handbook to find the table factor for a given set of data.

Learning Outcomes:

Upon completion of this section, the students are expected to:

– Use the table factors from the Business Math Handbook to calculate the future value of an investment based on the rate, number of years, and compounding period.

– Demonstrate proficiency in using the Business Math Handbook to find the appropriate table factor for a given set of data.

– Interpret and analyze the table values to draw conclusions about the future value of an investment based on the rate and period of compounding.

Solution 1:

To solve Problem 1, we need to total the rows and columns. Here is the table with the totals.

Salesperson Region 1 Region 2 Region 3 Total

Becker $5,692 $7,403 $3,591 $16,686

Edwards $7,652 $7,590 $3,021 $18,263

Graff $6,545 $6,738 $4,545 $17,828

Jackson $6,937 $6,950 $4,913 $18,800

Total $26,826 $28,681 $16,070 $71,577

After totaling the rows and columns, we see that the grand total is the same both horizontally and vertically. Therefore, the calculations are correct.

Solution 2:

To solve Problem 12, we need to use the table in the Business Math Handbook to find the APR. We know that the financing was for 48 months and the total interest was $3,279. Here is the formula to calculate APR.

APR = ((2 * Total Interest) / (Number of Months * (Amount of Loan – Total Interest))) * 100

Using this formula, we can find the APR as follows.

APR = ((2 * $3,279) / (48 * ($20,000 – $3,279))) * 100

APR = 11.50%

Therefore, the APR on the financing was 11.50%.

Suggested Resources/Books:

– Business Math (11th Edition) by Cheryl Cleaves, Margie Hobbs, and Jeffrey Noble

– Practical Business Math Procedures by Jeffrey Slater

Similar Asked Questions:

1. How do you calculate compound interest?

2. What is the formula for markup percentage?

3. How do you calculate commission pay based on sales?

4. How do you calculate APR for a loan?

5. What is the difference between simple and compound interest?

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