Financial Project
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School
Ivy Tech Community College, Indianapolis *
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Course
101
Subject
Mathematics
Date
Feb 20, 2024
Type
docx
Pages
2
Uploaded by PrivateUniverseSheep31
Abigail Johnson
Math 123
Mr. Bloome
28 September 2023
Financial Project
My desired area of employment is Surgical Technologies. The median annual salary for this position is $55,960. I chose this field because I want to be within the operating room helping with surgeries. The education that is required for this program is Anatomy and Physiology I, English Composition, Medical Terminology, Student Success in Healthcare, Quantitative Reasoning, Communications, Psychology or Sociology, Anatomy & Physiology II Surgical, Pharmacology, Microbiology, Medical Law & Ethics, Fundamental of Surgical Technology, Application of Surgical Fundamentals, Surgical Procedures I, Clinical Applications I, Surgical Procedures II, Clinical Applications II, Surgical Procedures III, and Clinical Applications. In total this program is about two years long. The expected salary for Surgical Technologies absolute and relative change is $33,460 more or 148.7% more than the salary for unskilled workers.
With my post-graduation income I would choose to purchase a home. 1/4
th
of my gross monthly income on the house would be $18,653.33. Compared to the unskilled workers their monthly income on the house would be $7,500. The current fixed rate APR for loans for a length of 5 years is 8.11% this would be found at: https://www.nerdwallet.com/mortgages/mortgage-
rates
. When putting this into excel =PMT(0.0811/12, 12*5, -18653.33). The payment would be $379.21 per month. According to Zillow there is not any houses for the price that I need except for lots. To be able to pay for a house I would have to save up and put down about $25K. A
house that I found would be found at: https://www.zillow.com/homedetails/228-W-Johnson-St-
Sullivan-IN-47882/77065724_zpid/
. If I were to set aside 20% of my gross monthly income for a 401K investment with a 5% annual return from excel I would get: =FV(0.05, 30, -932.67) which equals $61,965.52. This compared to what an unskilled worker would get is much higher. They would get $24,914.57. The relative change statement for this would be; My 401K future value after 30 years would be about 148.7% more than the 401K future value for the unskilled worker. To have a future value of $500,000 it would take about 69 years. To find this I just used the same equation from above and just kept putting in higher numbers of years until I got $500,000. For the unskilled worker to get $500,000 back from their 401K they would take about 87 years.
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