Mathematics in Everyday Life - Assignment Example

Mathematics in everyday life Mathematics is defined as the science that deals with judgment of shape, quantity and arrangement of items. During prehistory period the Egyptians used the multifarious mathematic equations such as geometry. The ancient Egyptians were therefore able to build the famous pyramids though application of mathematics concepts. In our daily life would be rather inactive without the knowledge of mathematics. There are several lines of duties where individuals use basic mathematics in their living. Below is a list of some methods where people use mathematics. The daily life would be quite with little or no knowledge of mathematics at all. To start with, one needs to be able to organize and count their money; this comprises of knowledge of subtraction, division and multiplication. In everyday activities we visit supermarkets and buy items, in case we are not equipped with the knowledge of mathematics, we would not be able to recognize we receive the right change from the shop attendance. Even those individuals having mathematics related phobias cannot seepage the everyday encounters of mathematics in their lives. This is because mathematics ranges from: school, home and workplaces. Mathematics in Travel sector Traveling involves covering of distances, almost each and every person moves from one place to another in everyday life. It is thus prudent to put into consideration the means of transport one will choose to reach the desired destination. If the individual chooses to use their own private means then, he or she will consider the miles-per-gallon of fuel that the car will consume for trips. In the event that one is faced by obstructions along the way or are forced to take detours. Analysis of available means of transport is done and then the transport means is choosen.The means of transport chosen is achieved at after analyzing the available means of transport. One will evaluate the conformability, time saving and cost of each means of transport before coming to the means of transport to use. Those traveling by air are required to know departure times and arrival schedules of a particular freight. When travelling by mode of air, the weight of luggage is critical and must be considered. Thus those who travel by air may want to risk some substantial baggage surcharges. Mathematics application in shopping Example of discounts Individuals buy items from various stores every day. Every noble person puts into consideration the terms of sale being offered by the seller in order to receive the most favorable deal. Trade discounts make be offered in various ways such as; cash discounts where one is either given a cash reduction in the event that he/she pays for the commodity being acquired on the time of purchase or over an agreed time period. For example BMX LTD has offers to sell bikes at a discount of 12% on their list price of $200. If a customers pay for the bike within 12 days from the date he purchases the bike, he get an additional $6 cash discount. In the above example the company is offering a further discount to those customers that will go ahead and pay the purchase consideration in less than 10 days. A logical individual will take advantage of the trade offer and pay up the whole purchase price before the lapse of the ten day notice. This will earn him economic advantage than those that will pay in a later date. Trade discounts may also come in form of quantity being purchased. A number of sellers may offer a trade discount through quantity promotion where a customer is to buy three and get one free. Those individuals that take the offer benefit from the extra commodity offered. Hire purchase examples When individuals are buying commodities they may choose to pay cash or take a hire purchase agreement where they are expected to pay a fixed deposit amount that will be followed by monthly installment over a given number of months. In hire purchase agreement the hire purchase price is normally the cash price plus interest over the period. Therefore the hire purchase price is relatively higher than the cash price. On the other hand the buyer benefits from the use of the asset or commodity even before he has fully paid for it. This type of trade is essential to an individual who lacks the total amount of money to purchase the commodity at a go individual therefore will use the basic knowledge of mathematics to determine where the hire purchase agreement is more favorable than the cash discount offer. Example: The cash price of a refrigerator is $1680. can be bought by (i) Direct purchase, or by (ii) Hire purchase: Paying a deposit of $240 and the balance in 3 years at a simple interest rate of 7.2% An individual will have to use the knowledge of mathematics to determine the mode of purchase to undertake. In the above example when one choses to pay directly he or she will incur a cost of $1680, On the other hand, one may choose to take the hire purchase agreement paying a deposit of $240 followed by a 36 month installment of $43.36 each month. The individual may chose the hire purchase terms as the give a prolonged period of payment thus not a large amount of money is committed to the project over the period. Mathematics application in making investments Investment mathematics involves calculating the most favorable projects to undertake that will have a higher rate of return and a quick payback period. Investors will evaluate the intended project to check if there are tasks that can be carried out concurrently to save on time and give a higher return to the investor. This can solitary be practical if the investor has the basic knowledge of mathematics. In the case where the investor is required to take additional moneys from may be a bank as a bank loan, he has to consider the various banks interest charges and take the most favorable. The investment cost on the other hand, must not exceed the returns expected from the project. Example is a case where an investor takes a loan of 1,000,000 from a bank with an interest rate of 10% p.a. payable in 8years, to undertake a project. This means that the rate of return of the project undertaken by the investor must therefore exceed the 10% interest rate charged by the bank. Scheduling of project The knowledge of mathematics enables investors to identify those tasks that can be undertaken together during the process of project implementation. These tasks may help the investor to begin receiving returns from the project before the whole project is complete. For instance in a building construction. The investor may start lending out ground floor blocks even before the preceding blocks are yet to be completed.. Conclusion Mathematics is therefore a significant knowledge that every noble person should aspire to have. This knowledge enables individuals to perform day to day activities with ease and control. Works Cited James, Franklin. "Aristotelian Realism" in Philosophy of Mathematics", Elsevier. 2009. Bertrand, Russell. The Principles of Mathematics, University Press, Cambridge. 1903. Knight, Michelle. Everyday Math Has Its Proponents. 2005. Read More