Pеrcent – Uses of percent аbound for dаta collection, comparison, and explaining real world events. There is typically a percent on the front page of every newspaper and in every journal article. What percent of the students in elementary school are in fifth grade? Is there a greater percent of baby boomers or millennials? Give two examples of where you have seen or used percentages in the last week. Explain the context of its use, the importance of describing the situation with percentages, and why it was used.
Simple/Compound Rates of Growth and Interest – Bacteria and microbes grow exponentially, which is why people in close proximity of those who have a contagious disease get it so quickly. Money put in the bank also grows exponentially based upon the interest rates. There are tons of examples of rates of growth and interest. Provide two real world examples from the internet, explain its use, and provide a link for students to look up more information.
Percent is a numeric symbol that is always used in various phrases especially in the world of business and mathematics. The general meaning is some numerical value equated to a hundred or perhaps or we say ‘’ per 100’’. During the last week of my studies, I have come across during a mathematical assignment where I was told to calculate a percentage of some items. The other example where percent has been used is in the calculation of tax for the sake of getting clearance and knowing what you ought to pay as returns to the government. Percent has been applied so much in the mathematical contents (Chen, 2009).
The first example is based on the context where the lecture wants to find out whether the student understood the earlier lectures done on the course. The importance of describing the situation as a percentage is to clarify the issue of objectivity based on the sum to be calculated (Mullis, Martin, Foy & Arora, 2012). The role is based on the knowledge that is to be acquired that can assist the student to understand some business terms and for simplicity. The other example builds on the context of tax calculation to for a person who wishes to know what he or she ought to pay as returns. The percent is vital for the sake of finding what value is due which is a representation of a figure that can be calculated and shown as an actual value. It is easy for most of the people especially the accountants to talk about the percent than talking about the real figure and hence serving them as a simple nature.
When you put together or in other terms you compound it, you will earn the money on the interest you leave in your account. For example, $1,000 @ 5% compounded annually receives $50 of interest at the end of one year, which is better than just keeping the amount in the pocket or somewhere where it cannot grow to some digits and give a better returns. The other example is when you continuously deposit money in your account regularly in the bank; the money will grow to some digits. For example, if you had $ 1,000 in the bank and when you add $ 500 the money will increase to $1,500 and not be constant.
The use of the first example is generally to encourage people to save their money in the bank other than just keeping them under their mattress where it cannot grow. This is perhaps one of the simple lessons that everyone needs to learn and get to understand to grow financial and move to the levels of making some profits even without indulging into some businesses that are sometimes risky and might consume our capital. The other example is to encourage the society to continue putting or rather to add regularly some of the money to the account to avoid making the account dormant. The notion will aid the individual to grow financially to improve the interest earned which is based on the amount of capital that is in the bank. The higher the capital present in the bank the higher is the amount of interest to be earned. Additionally, the banks also benefit from such ideas based on the growth of capital (Beck & Levine, 2002).
Chen, X. (2009). Students Who Study Science, Technology, Engineering, and Mathematics (STEM) in Postsecondary Education. Stats in Brief. NCES 2009-161. National Center for Education Statistics.
Beck, T., & Levine, R. (2002). Industry growth and capital allocation:: does having a market-or bank-based system matter?. Journal of financial economics, 64(2), 147-180.
Mullis, I. V., Martin, M. O., Foy, P., & Arora, A. (2012). TIMSS 2011 international results in mathematics. International Association for the Evaluation of Educational Achievement. Herengracht 487, Amsterdam, 1017 BT, The Netherlands.