ETVEET-KZN-REGIONAL OFFICE-2023 MATHEMATICAL LITERACY-LEVEL 3-TASK 5.
Task 5: Financial planning
You and your best friend, Sipho, have just finished high school and will be starting your tertiary education next year. You have both been accepted into the same university and will be studying different courses. You want to start planning your finances now so that you can ensure that you and Sipho have enough money to cover all your expenses while at university.
The following are the expenses you have estimated:
- Tuition fees: R50 000 per year
- Accommodation: R5 000 per month
- Textbook: R1 000 per semester
- Food and groceries: R3 000 per month
- Transport: R2 000 per semester
- Entertainment: R1 500 per month
Task:
1. Calculate the total cost of each expense for the year.
2. Calculate the total cost of all expenses for the year.
3. Divide the total cost by 12 to find out the monthly amount needed to cover all your expenses.
4. Sipho’s parents have agreed to pay for his tuition fees, but he will have to cover all his other expenses. Calculate how much money Sipho will need per month to cover his expenses.
5. You have a part-time job and will be earning R2 500 per month. Calculate how much money you will need per month to cover your expenses.
6. You and Sipho have decided to share a room to save on accommodation costs. Calculate how much money you will each need per month to cover all your expenses.
To complete Task 5 of the ETVEET-KZN Regional Office 2023 Mathematical Literacy Level 3, follow the step-by-step instructions below:
Step 1: Read the task description and requirements carefully to understand what is being asked.
Step 2: Identify the specific topic or concept related to Mathematical Literacy that Task 5 is focusing on. This will help you approach the task correctly and efficiently.
Step 3: Gather any necessary resources, such as a calculator, protractor, ruler, or formulas, depending on the requirements of the task.
Step 4: Begin by analyzing the given information or data. Take note of any numbers, measurements, or variables provided, as they will be important for solving the problem.
Step 5: Identify the problem-solving method or approach that is most suitable for the task. This could involve using mathematical formulas, analyzing patterns, making calculations, or interpreting data.
Step 6: Break down the problem into smaller steps and tackle each step sequentially. This will help you stay organized and prevent errors.
Step 7: Show all your calculations and reasoning clearly. Make sure to label your answers and units of measurement, where applicable.
Step 8: Double-check your work to ensure accuracy. Review your calculations, formulas, and answers to verify that they align with the task requirements.
Step 9: If you encounter any difficulties or are unsure about how to proceed, consult your textbook or other relevant resources for guidance.
Step 10: Once you have completed the task, review your work to ensure it is neat, organized, and cohesive. Make any necessary revisions or corrections before submitting your final answer or response.
Remember to manage your time effectively while working on Task 5 and to ask for assistance or clarification if needed. Good luck!