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Unformatted text preview: Math Learning Center Boise State 2010 Formulas Business One definition of the word formula is a conventionalized statement expressing some fundamental principle. Adding the word mathematical to formula we can define a mathematical formula as a conventionalized equation using a group of symbols to express a fundamental numerical principal. Two mathematical formulas that students at this level of mathematics are familiar with are: The Pythagorean Theorem: g G G G , which discusses the length of sides of a right triangle. The Quadratic Formula: u G which we recently used to find x-intercepts of quadratic equations. These formulas are very important in mathematics and will be used repeatedly if one continues further in mathematics. However, from the perspective of a business major, these formulas have a much more limited value. The unfortunate situation that occurs here is that too often only the actual value of the formula is considered and not the thought process skills that are developed from learning these skills. As one goes through todays activity, the ability to work with formulas will shine. At this point in time, we will begin with a study of the compound interest formula. This equation is very useful in understanding personal finance and appears often in math courses. Thus, it is important that all students have some experience with this equation. From a standpoint of developing skills for STEM majors, it is another opportunity to work with a multitude of different letters. U where g g g g gg g g g g g g g g Consider that you have $10,000 to deposit in a bank and plan to leave it in the bank for 10 years. Which bank do you desire to place your money in: Bank A is offering an interest rate of 7.02% and is compounding your money every six months....
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