Thanks a Million!

Interdisciplinary Unit

How to Spend$1,000,000

Students will spend one million dollars with only $50.00 to spare. They will buy a house, a car, and other real-world items to

furnish their house. They will use magazines, catalogs and the internet to

purchase items. They will also categorize each item, create a balance sheet, and

write checks for many of these items.

Specific ObjectivesStudents will:

Prepare a transaction register spreadsheet to account for their money.

Classify their transactions into nine pre-determined categories.

Create either a bar graph or circle graph depicting how they spent their money in the nine categories.

Create a graph representing money remaining over time using month end balances from their transaction registers.

Use a graphing calculator to find the line of best fit for their graph using either a linear, quadratic, reciprocal or exponential model.

Calculate monthly interest in their bank account.

Required Materials

• Balance sheet/spread sheet

• Purchase and read “Millionaire Next-door”

• Catalogs, magazines, ads

• Access to the internet to select and purchase items

Motivation

Students use mathematics, technology and life skills in this real world project

Hands on project keeps students more engaged

Students have a realistic view of one million dollars

Setup

• Students will read “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko, Ph.D.

• Ask students what they would spend if they had one million dollars, how long it would take to spend that much money

Procedure

• Review the rules of the project

• Teach students how to balance money on a spreadsheet

• Demonstrate to students how to categorize and place each purchased items into their Million Dollar file

Procedure

• Show students how to complete the first two purchases- their car and house

• Students work on the project at home and at school

• Students graph how many items they purchased in each of the nine categories

Grading Rubric:Research/Writingvalue 35 points

Opening writing assignment: If you had a million dollars, how would you spend it?

Expository essay with formal structure based on the reading of “the Millionaire Next-Door”

Based on your research, a written description of 3 companies that you feel are sound investments

Summary essay explaining how you spent your money and what was learned from the project

Grading Rubric:Housingvalue 10 points

Location of home

Description of home

Purchase price of home

Property taxes and closing costs

Website used

Grading Rubric:Transportationvalue 5 points

Make and model of car

Purchase price of vehicle

Sales tax calculations

Website used

Grading Rubric:Check writing & reconciliationvalue 10 points

Proper format is used in the issuance of checks for payments

Transactions are correctly and accurately recorded

Account reconcilement is accurately performed

Grading Rubric:Spread Sheet/Transaction Registervalue 15 points

Accurate calculation of expenses

Items are appropriately categorized

Interest is calculated

Met assignment objective of spending all but $50 of the original $1 million

Grading Rubric:Graphsvalue 15 points

Bar or circle graph is correctly created for correctly classified transactions

Scatter plots

Line of Best Fit

Sample Graph

House40%

House Furnishings8%Cars

8%

Travel4%

Recreation4%

Misc 3%

Savings10%

Charitable Donations5%

Other2%

How to Spend a Million Dollars

Sample GraphITEM Debit

House 400,000.00

Furnishings 75,000.00

Cars 75,000.00

Travel 40,000.00

Recreation 39,675.00

Investments 200,000.00

Savings 100,000.00

Charitable Donations

50,000.00

House

House

Furn

ishi

ngs

Cars

Trav

el

Recre

atio

n

Inve

stm

ents

Savi

ngs

Charit

able

Don

atio

ns

Other

-

100,000

200,000

300,000

400,000

500,000

600,000

How to Spend a Million Dollars

Sample Register

Check # DateTransaction Description

(c) Payment, Fee,

Withdrawal (-)

Deposit, Credit

(+)Balance

  9/1/10 Deposit    

1,000,000.00 1,000,000.00

101 9/15/10 Purchase House H 500,000.00   500,000.00

102 9/29/10Purchase 2011 Acura TSX

C 35,540.00   464,460.00

             

             

             

Grading Rubric:Presentationvalue 10 points

Concepts, data and results are presented in a clear and organized manner utilizing appropriate presentation software and technology

Mathematics Standards 10.N.4 - Use estimation to judge the reasonableness of results of computations and of solutions to

problems involving real numbers.

10.P.1 - Describe, complete, extend, analyze, generalize, and create a wide variety of patterns, including iterative, recursive (e.g., Fibonacci Numbers), linear, quadratic, and exponential functional relationships.

10.P.2 - Demonstrate an understanding of the relationship between various representations of a line. Determine a line's slope and x- and y-intercepts from its graph or from a linear equation that represents the line. Find a linear equation describing a line from a graph or a geometric description of the line, e.g., by using the "point-slope" or "slope y-intercept" formulas. Explain the significance of a positive, negative, zero, or undefined slope.

10.P.7 - Solve everyday problems that can be modeled using linear, reciprocal, quadratic, or exponential functions. Apply appropriate tabular, graphical, or symbolic methods to the solution. Include compound interest, and direct and inverse variation problems. Use technology when appropriate.

10.P.8 - Solve everyday problems that can be modeled using systems of linear equations or inequalities. Apply algebraic and graphical methods to the solution. Use technology when appropriate. Include mixture, rate, and work problems.

10.D.1 - Select, create, and interpret an appropriate graphical representation (e.g., scatterplot, table, stem-and-leaf plots, box-and-whisker plots, circle graph, line graph, and line plot) for a set of data and use appropriate statistics (e.g., mean, median, range, and mode) to communicate information about the data. Use these notions to compare different sets of data.

10.D.2 - Approximate a line of best fit (trend line) given a set of data (e.g., scatterplot). Use technology when appropriate.

Vocational StandardsStrand 6: Technological Knowledge and Skills

6.A Demonstrate proficiency in the use of computers and applications as well as an understanding of concepts underlying hardware, software, and connectivity.

6.A.01a Select and utilize the appropriate technology to solve a problem or complete a task.

 6.B Demonstrate ability to use technology for research, problem solving, and communication.

6.b.01a Locate, evaluate, collect, and process information from a variety of electronic sources.

 6.B.03a Demonstrate the use of appropriate electronic sources to conduct research (e.g., Web sites, online periodical databases, and online catalogs).

 6.B.05a Collect, organize, analyze, and graphically present data using the most appropriate tools.

Language Arts StandardsReading

Students will identify, analyze, and apply knowledge of the purposes, structure, and elements of non-fiction or informal or informational materials and provide evidence from the text to support their understanding.

Students will read for content, literal and inferential content.

Students will research a subject.

Students will gather information.

Students will comprehend an argument.

Students will understand a concept and construct meaning.

Language Arts StandardsWriting

Students will write with a clear focus, coherent organization, and sufficient detail.

Students will explain ones thinking.

Students will describe an experiment, report one’s finding, and report one’s conclusion.

Students will generate a response to what one has read, viewed, or heard.

Students will convey one’s thinking in complete sentences.

Students will develop an expository essay with a formal structure.

Language Arts StandardsSpeaking

Students will make an oral presentation to one’s class that demonstrates appropriate consideration of audience, purpose, and the information to be conveyed.

Students will convey their thinking in complete sentences.

Students will respond to what one has read.

Students will communicate in a manner that allows one to be both heard and understood.

Language Arts StandardsReasoning

Students will identify, analyze, and apply knowledge of the conventions, elements, and techniques of film, radio, video, televisions, multimedia productions, the Internet, and emerging technologies and provide evidence from the works to support their meaning.

Students will design and create coherent media productions with a clear controlling idea, adequate detail, and appropriate consideration of audience, purpose, and medium.

Closure

• Students will write a full essay reflection on their experiences and make suggestions on how to improve the web-quest process.