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# Mathematics Matters Lesson Accounts 8 - Managing Money

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Created on 27 May 2008 by ncetm_administrator
Updated on 25 June 2008 by ncetm_administrator
 Mathematics Matters Lesson Accounts A collection of memorable mathematics lessons that conference and colloquia delegates had observed or taught which they felt were successful.  Each account refers to one or more of the values and principles in the report.

# Lesson Account 8 - Managing Money

 Written by Caroline Cairns Organisation Trafford College Age/Ability Range 16-19 FSMQ Managing Money (GCSE E-G)

Start on calculating compound interest. Intro matching cards % / fraction / decimal equivalents e.g. 25% / ¼ / 0.25 (in pairs or threes) to recap previous learning.

Students created own problems in pairs.

Picking an amount of money card and a % card and calculating interest and total after one year.

Fill in chart (do at least 4)

 Amount of £ % calculation Interest Total

Each group fed back one of their questions and their method to the rest of class.

Discussion took place about what happens next year, year after etc.

For first four problems calculate 1 year, 2 years, 3 years, 4 years, 25 years.

Students were asked to find an easier way, quicker method ( for 25 years) etc.

Calculations were checked using a spreadsheet containing the compound interest formulae.

Discussion of methods of working and how they could arrive at total investment.
New problem.

What were the critical moments?

What mathematics was learnt? (on plan and off plan) and what is the evidence of learning?
Rounding to nearest 1p/calculating increase in %

How was that mathematics learnt?
Discussion with each other. Sharing prior learning.

Other memorable outcomes

Resources

## Values & Principles

 Fluency in recalling facts and performing skills Appreciation of the power of mathematics in society Builds on the knowledge learners already have Makes appropriate use of whole class interactive teaching, individual work and cooperative small group work

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