strengthen the course and help provide students with quantitative learning

Strengthen the course and help provide students with

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strengthen the course and help provide students with quantitative learning experiences that will improve the quality of their lives. Many faculty feel both excitement and trepidation at the thought of implementing these ideas.
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4 0 • p e r s p e c t i v e — a u t u m n 2 0 0 8 Notes 1 Shane Goodwin, “Quantitative Reasoning: Our New Mathematics Requirement,” Perspective, 1.2 (Winter 2001), 55-64. 2 Ibid., 56. 3 Summary of objectives and outcomes for Math 108. Appendix 1: Objectives and Outcomes For FDMAT 108 1. Develop the necessary arithmetic and basic algebraic skills to succeed in daily life. Students will be able to: • Properly apply unit conversions in their problem solving techniques. • Calculate appropriate absolute and relative changes for percentage work. • View percentages in terms of fractions, changes, and comparisons. • Apply the of versus more than rule with percentages. • Demonstrate the difference between percentage and percentage point. • Solve simple one and two-step equations. • Algebraically solve for the different variables structured within an applied formula. 2. Understand the dangers of debt, the power of compound interest, and the advantages and disadvantages of various financial choices. Students will be able to: • Construct a reasonable budget based on income, savings, and expenses and demonstrate the importance of taking control of one’s personal finances. • Demonstrate the astonishing power of compound interest and the role it plays in investments. • Describe the difference between annual percentage rate and annual percentage yield. • Calculate both the annual rate of return and total return percentage on an investment. • Calculate the future value of both lump sum and annuity investments as well as for other variables such as present value and time. • Demonstrate competence with the mathematics of installment loans by constructing amortization schedules using spreadsheet technology. • Discuss the pros and cons of paying extra principal on a long- term loan. • Gain facility with describing the relationship between principal
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a u t u m n 2 0 0 8 41 and interest in the context of both debt and investment. • Discuss the key elements of liquidity, risk, and return and their relationship to investing. • Carefully explain the mathematics and dangers of consumer cred it and how to plan properly for living within one’s means. • Describe the marginal income tax brackets of our nation’s tax code and how calculations are made based upon deductions and exemptions. • Calculate the FICA tax on wages, its history and impact on our retirement system. • Describe the difference between a tax credit and a tax deduction using examples. • Demonstrate an understanding of the difference between our national debt and deficit.
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  • Fall '11
  • Dumar
  • Statistics, Mathematics education, quantitative reasoning, MATHEMATICS DEPARTMENT

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