Watch your super grow
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Introduction
This resource provides opportunities for students to use technology to solve problems involving compound interest in the context of superannuation. Students simple and compound interest formulas to explore how super grows.
Achievement standard
By the end of Year 10, students recognise the effect of approximations of real numbers in repeated calculations. They use mathematical modelling to solve problems involving growth and decay in financial and other applied situations, applying linear, quadratic and exponential functions as appropriate, and solve related equations, numerically and graphically. Students make and test conjectures involving functions and relations using digital tools. They solve problems involving simultaneous linear equations and linear inequalities in 2 variables graphically and justify solutions.
Students interpret and use logarithmic scales representing small or large quantities or change in applied contexts. They solve measurement problems involving surface area and volume of composite objects. Students apply Pythagoras’ theorem and trigonometry to solve practical problems involving right-angled triangles. They identify the impact of measurement errors on the accuracy of results. Students use mathematical modelling to solve practical problems involving proportion and scaling, evaluating and modifying models, and reporting assumptions, methods and findings. They use deductive reasoning, theorems and algorithms to solve spatial problems. Students interpret networks used to represent practical situations and describe connectedness.
They plan and conduct statistical investigations involving bivariate data. Students represent the distribution of data involving 2 variables, using tables and scatter plots, and comment on possible association. They analyse inferences and conclusions in the media, noting potential sources of bias. Students compare the distribution of continuous numerical data, using various displays, and discuss distributions in terms of centre, spread, shape and outliers. They apply conditional probability to solve problems involving compound events. Students design and conduct simulations involving conditional probability, using digital tools.
Content descriptions
Use mathematical modelling to solve applied problems involving growth and decay, including financial contexts; formulate problems, choosing to apply linear, quadratic or exponential models; interpret solutions in terms of the situation; evaluate and modify models as necessary and report assumptions, methods and findings (AC9M10A04)
Teacher resources
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Why is super important?
Student learning resources
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Growing your super
Compounding super calculations
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Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.
Part A: Compounding super calculations
- If students have not yet been introduced to super, play: What is superannuation?
- Play: Why is super important?
- As a class, work through the information tables on the worksheet and discuss and if necessary, demonstrate the difference between using the compound interest formula to calculate interest annually and monthly.
- Students complete the worksheet.
- Work through student solutions and conclusions for the worksheet with the whole class.
Part B: Growing your super
- Walk students through the instructions for each task in the investigation.
- Students may benefit from working individually and/or in small discussion groups.
- You may choose to group students according to readiness and distribute tasks accordingly. Task 1 is the least challenging and task 2 is the most challenging.
- You may wish to use this as an assessment task. If so, negotiate with students what they will submit to you for marking and develop an assessment rubric which includes success criteria. Otherwise, conduct a class discussion to hear students’ findings and ensure all of them have a general understanding of the idea that more frequent payments will improve their super balance.