Mathematics Answer Note #14

Question 1 Tammy's dad gave her $25.00 to spend while visiting the science museum. At lunchtime, she bought a sandwich at the café for $6.59. Before she left the museum, Tammy spent $17.99 on a book about the solar system. How much money does she have left? Answer According to the scenario provided, Tammy's dad gave her $25.00 to spend at the science museum. At lunchtime, she spent $6.59 on a sandwich at the café and later on, she spent $17.99 on a book about the solar system before leaving the museum. To determine how much money Tammy has left, we need to subtract the amount she spent from the initial $25.00 given to her. Therefore, Tammy has $25.00 - $6.59 - $17.99 = $0.42 left after buying the sandwich and the book. As college students, it is important for us to always be mindful of our expenses and budget accordingly. In this case, it is commendable that Tammy has utilized the money given to her by her dad in a responsible manner. She has managed to stay within her budget while still being able to purchase a book about the solar system, which aligns with her interest in science. From a theoretical standpoint, this scenario highlights the importance of financial literacy and budgeting skills not just for college students, but for individuals of all ages. As mentioned in an article by the Consumer Financial Protection Bureau (CFPB), developing good money management habits can lead to financial success in the long run (CFPB, 2020). In fact, a survey conducted by the National Endowment for Financial Education (NEFE) showed that college students with high financial literacy and budgeting skills are more likely to have better financial well-being (NEFE, 2021). Additionally, as college students, it is essential for us to constantly seek knowledge and information from reliable sources. To support the calculations in this scenario, the mathematical concept of subtraction was used. As defined by the Encyclopedia Britannica, subtraction is the operation of finding the difference between two numbers or quantities (Encyclopedia Britannica, n.d.). In conclusion, based on the given scenario, Tammy has $0.42 left after buying a sandwich and a book at the science museum. This scenario serves as a reminder for college students to practice responsible spending and budgeting, while also emphasizing the importance of financial literacy and seeking information from reliable sources. Question 2 Cora has $92.43 in her checking account. She withdraws $22.00 in cash to pay for a manicure. Then, she deposits a $35.00 check she received for walking the neighbor's dog. How much money is in her account now? Answer Cora's current balance after withdrawing money and depositing a check can be calculated by using the following equation: Current balance = (Previous balance + Deposit amount) - Withdrawal amount Using this equation, we can calculate Cora's current balance to be: (92.43 + 35.00) - 22.00 = $105.43 Therefore, Cora's current balance is $105.43. Overall, it is important to regularly track and monitor one's checking account balance to ensure that it accurately reflects all deposits and withdrawals. Utilizing online banking tools or keeping a written record can help to maintain an accurate balance. Question 3 Arianna has $483.71 in her bank account. After she deposits her paycheck for $409.03, she writes a check for $173.99 for her car payment. How much money remains in Arianna's account? Answer Based on the given information, we can calculate the remaining balance in Arianna's bank account through the following steps: Step 1: Add the amount of Arianna's paycheck and the current balance in her account. $483.71 + $409.03 = $892.74 Step 2: Subtract the amount of the car payment from the total. $892.74 - $173.99 = $718.75 Therefore, the remaining balance in Arianna's account after depositing her paycheck and making a car payment is $718.75. Question 4 Miguel won $75.00 in a trick bike competition. Afterward, he took his bike to the shop for a tune-up that cost $32.50. While he was there, he also spent $18.71 on a new pair of bike gloves. How much of his prize money remains? Answer Assuming that the money Miguel won in the trick bike competition was in cash, we can use simple arithmetic to calculate the amount of money that remains after his expenses. First, we need to calculate the total amount of money Miguel spent at the bike shop, which would be the tune-up cost ($32.50) plus the cost of the new bike gloves ($18.71). This gives us a total of $51.21 spent at the bike shop. To calculate the amount of money that remains from Miguel's prize money, we need to subtract the total expenses ($51.21) from the initial amount he won in the competition ($75). This gives us a remaining balance of $23.79. Therefore, Miguel has $23.79 remaining from his prize money after paying for his bike tune-up and new gloves. Question 5 Jennifer won $200.00 in a pie-baking contest. Then, she earned $85.50 by selling her pies. She used the money to buy more baking ingredients for $72.63. How much money does she have left? Answer After winning $200.00 in a pie-baking contest and earning an additional $85.50 from selling her pies, Jennifer spent $72.63 on baking ingredients. A logical next step would be to calculate how much money she has left from her initial winnings and earnings. Step-by-step calculation: 1. Add initial winnings and earnings: $200.00 + $85.50 = $285.50 2. Subtract the amount spent on baking ingredients: $285.50 - $72.63 = $212.87 3. Therefore, Jennifer has $212.87 left after winning, selling, and purchasing baking ingredients. According to the textbook "Basic College Mathematics" by Elayn Martin-Gay, a comprehensive understanding of arithmetic operations such as addition and subtraction is essential for effective problem-solving (Martin-Gay, 2010). In addition, the website Math.com provides a helpful and user-friendly explanation of calculating simple financial transactions (Math.com, n.d.). This source can serve as a helpful reference for those looking to improve their basic math skills. It is also important to note that this scenario is an example of basic financial management, which is a key component of college-level life skills. The book "The Basics of Personal Finance" by Susan Knox provides a comprehensive guide on managing one's finances and making wise financial decisions, such as budgeting and saving (Knox, 2014). In conclusion, Jennifer has $212.87 left after winning, selling, and purchasing baking ingredients. This answer was calculated through basic arithmetic operations and supported by academic sources on financial management and basic math skills.