Introduction:
The report concentrates on few mathematical issues in general life. It majorly focuses on an event and how an individual manages the cash to plan a party for their dear ones. It focuses on the proper budget planning, taxation planning, cost control etc which helps the individual to throw a better party for their dear and near ones.
Event description:
A surprise birthday planning has been done for the mother from the total savings which has been saved from Jan 2018 to December 2018 from the teacher salary income. The budget planning has been done that how much amount could be spent on the party and from the available budget, how could be great party be thrown.
Contextual statement:
I have completed my high schools and preparing for a masters degree after it, I have dream to teach masters level student. My main interest is to teach the children and make them capable to meet the heights in their future. I see my career in the same filed and want to grab more opportunities in the teaching line only.
Research plan:
The information about the teaching line and pay-scale has been taken from the pay scale, 2018. My first job is a primary teacher in a primary school. The basic salary of mine is AUD 62,139 annually which includes the bonuses and the allowances except the superannuation funds (Pay-scale, 2018). I prefer to go by the public transport to the school because of the convenience and the lower cost. I prefer to live an average life where I can save few money for my future and live my present happily as well. I have chosen the average lifestyle because of my childhood. I have seen various things in my childhood and thus the savings is a good option for a better future as well I want to build my own home soon and for that, I need savings.
Income and expenses:
The basic salary of mine is AUD 62,139 annually which includes the bonuses and the allowances except the superannuation funds (Pay-scale, 2018). The fortnight income of the company is $ 2390 out of which the company has paid the tax amount. After the tax amount, the fortnight income is $ 1948, from them $ 1872.2 has been spent on the personal expenses. The total expenses of fortnight are $ 1872.20 and $ 1970.71 is saved for the future goals and the sudden needs. The table of income tax expenses is as follows:
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Calculate the tax payable.
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$62 139 – $37 000
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Standard Method:
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Counting-on Method
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62 ,139 -
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37 000
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25139
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Explanation:
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Explanation:
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Line up units under units, tens under tens etc.
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Start from 37 000 and count up
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Start from the right.
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Units:9– 0 = 9
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37 000 to 40 000 3 000
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Tens: 3 – 0 = 3
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40 000 to 60 000 20 000
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Hundreds: 1 – 0 = 0
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60 000 to 62 139 2 139
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Thousands: 2 -0 is =2
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Total 25139
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Ten-thousands: 6-6= 0
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Answer $25 139
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Extra tax is 25 139 x 0.325
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Standard Method:
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Lattice method:
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25 139 x
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1
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2
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5
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0.6
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0.09
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0.325
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5
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0
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2
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0.7
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0.08
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75
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4
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1
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0.1
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0.07
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8170.17
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Explanation:
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Explanation:
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Ignore decimal point.
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Multiply by 5.
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5 x 9 = Write 5 and note 4
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5 x 3 = 15, plus 4, write 9 note 1
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5 x 1 = 5, plus 1, write 6
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5 x 5 = 25, Write 5 and note 2.
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5 x 2 = 10, plus 2, gives 12. Write 12. First row: 125.69
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Multiply by 20, so first by 10, and then 2.
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Write 0 for the x 10.
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2 x 9 = 18, Write 8, note 1
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2 x 3 = 6, plus 1, write 7
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2 x 1 = 2, so write 6 2
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2 x 5 = 10, write 10. Write 1 and note 1..etc
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Second row: 502.78
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Multiply by 300, so first by 100, and then 3. Write 00 for the x 100
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3 x 0 = 0 and so on
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Similar: third row 7 541.175
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Add the 3 rows: 8170.17
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Answer $8170.175
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Total tax is $3572 + $8170.175
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$ 11,742.18
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Explanation: ……
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Answer: $11,742.18
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Salary after tax is
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$50,666.82
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$62 139 – 11,472.18 = $50,666.82
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Fortnightly income is $50666.82
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Standard method:
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50666.82/26 = $ 1948.72 (Hildebrand, 2012)
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26 ) 5 0 666.82
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Explanation:
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Find the thousands:
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How many 26 s in 50 thousand?
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1 thousand so write 1 above thousands place. 26 thousand from 50 thousand leaves 24 thousands, which converts to 240 hundred.
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Find the hundreds:
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We have 240 hundred, plus another 6 hundred, so 246 hundred.
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26 x 9 = 234, so 9 hundred. Write the 9 in hundreds place.
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104
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246 – 234 = 12, so we have 1200 which converts to 120 tens. Adding the 6 tens, we have 126 tens.
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Find the tens:
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4 x 26 = 104, so 4 tens. Write the 4 in the tens place.
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126-104 = 22, so 22tens left.
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Convert to 126 units, plus the original 0, makes 126
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Find the units.
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4 x 26 = 104, so 4 units. Write the 4 in the units place.
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126 - 104 = 22, so 22 left.
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Remainder is $ 22 which may be ignored as we are working in whole dollars.
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Fortnightly income is $ 1948 (Cao, Feng, J Wu, 2010)
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In case of the event planning, the 3 main courses would be offered to around 20 guests at nearby restaurant. The restaurant would be decorated with the help of the balloons and other decorative items. Restaurant employee’s help would be taken for the decoration and birthday theme would be chosen. The restaurant security would take care about all the security issues and the safety of the guest. The cleaning would also be done by the restaurant staff. Extra amount would be paid them in case of damages and etc cleaning.
The alternative of this plan could be a party at home where the decoration, cleaning and all the security issues would be handled by me only and it would be quite hectic. The party at restaurant is better option. The cost in both the cases would be as follows:
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Party at restaurant
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Party at home
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Food
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$ 250
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$ 250
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Drink
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$ 400
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$ 400
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Entertainment
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$ 100
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$ 50
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venue charges
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$ 50
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Decorations
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$ 50
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$ 20
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Security charges
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$ 50
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Cleaning charges
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$ 80
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$ 50
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Total Cost
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$ 930
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$ 820
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Budgeting statement:
The yearly expenses and the savings of the business are as follows:
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Fortnight budget
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Fortnightly income
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$ 1,948
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Payscale (2018)
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Expenses (per month)
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Amount
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Total
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References
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Home
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$ 829.50
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Rent
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$ 790.00
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Real estate (2018)
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Insurance
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$ 39.50
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Transpiration
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$ 170.00
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One way ticket
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$ 120.00
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(see appendix 1)
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Taxi
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$ 50.00
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Numbeo (2018)
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Utilities
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$ 192.70
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Electric bills
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$ 70.29
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Can star blue (2018)
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Water bill
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$ 42.42
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Team poly (2018)
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Cell phone bill
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$ 30.00
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Internet
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$ 50.00
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Food
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$ 370.00
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Groceries
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$ 270.00
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See appendix 2
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Restaurants
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$ 100.00
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Personal
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$ 180.00
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Clothes
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$ 80.00
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Numbeo (2018)
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Grooming
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$ 50.00
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Medical
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$ 50.00
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Other
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$ 130.00
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Gift
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$ 50.00
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See appendix 3
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Entertainment
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$ 80.00
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Total expenses
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$ 1,872.20
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Total income
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$ 1,948
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Savings
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$ 75.80
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Annual savings
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$ 1,970.71
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(Burton, 2011)
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Appendix 1
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One way ticket
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$4
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Two way tickets
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$8
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Fortnight ticket prices
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$120
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Appendix 2
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Groceries per day
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$18
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Restaurant twice in fortnight
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$100
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Fortnight ticket prices
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$370
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Appendix 3
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Gift (depends on the event)
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$50
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Entertainment (once in fortnight)
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$80
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Fortnight ticket prices
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$130
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(Russell, 2009)
The total cost we have for the event is $ 1970.71.
Reflective statement:
I enjoyed doing the assignment because of various new lessons and understanding about the mathematics, logarithms and easier outcomes to reach over a result. The assignment brief that the event required around $ 1000 for becoming a successful party and from the entire calculations, it has been found that the total savings of individual in the entire year is $ 1970.71. However, I am also looking for make the changes into the total expenses because of lower savings.
While doing the assignment, it becomes bit tough to research on each of the expenses of an individual. Because the motto and the choices of each individual is different and any sudden requirement could take place in the life of an individual. Thus a perfect budget can’t be prepared. While, various websites and articles were useful to get estimate an individual expenses in the Australian market.
If the same time will be done by me in future then I will give more time to the task and discuss it with the individuals who are living along and will ask them that how much they can save in a year and why are they making effort to save the money. A possible improvement could be done in my assignment in near future through focusing more on the mathematical skills and few exemptions could also be taken from the income tax which has been paid to the Australian government.
After completing this task, I dream to develop my skills in mathematics. It is an easy and interesting subject to read and applies in the daily life of an individual. Through, the entire assignment, I have got to learn various new methods, items and learning’s. Earlier, I used to feel that mathematics is a tough subject and it is not easier to get a correct outcome in mathematics. But after applying the standard and lactic methods in the addition, subtraction, multiplication and divide process, it has been found that it is very easy for an individual to understand the concepts of mathematics and apply them in the routine life to manage the funds and other activities of routine life.
References:
Burton, D. (2011). The history of mathematics: An introduction. McGraw-Hill Companies.
Canstar Blue. (2018). Average electricity bills. Retrieved from: https://www.canstarblue.com.au/electricity/average-electricity-bills/
Cao, Y., Feng, J., & Wu, P. (2010). Preparation of organically dispersible graphene nanosheet powders through a lyophilization method and their poly (lactic acid) composites. Carbon, 48(13), 3834-3839.
Hildebrand, F. B. (2012). Methods of applied mathematics. Courier Corporation.
Numbeo. (2018). Cost of living. Retrieved from: https://www.numbeo.com/cost-of-living/country_result.jsp?country=Australia
Pay-scale. (2018). Prime school teacher salary. Retrieved from: https://www.payscale.com/research/AU/Job=Primary_School_Teacher/Salary
Real estate review. (2018). Rent for 1 bedroom. Retrieved from: https://www.realestateview.com.au/real-estate/houses-for-rent/1-bedroom/
Russell, B. (2009). Principles of mathematics. Routledge.
Team poly. (2018). Water prices in Australia. Retrieved from: https://www.teampoly.com.au/2018/06/15/water-prices-in-australia/
