Lucas and Sara are preparing for their upcoming wedding in May. Because they have both taken Math
Question:
Lucas and Sara are preparing for their upcoming wedding in May. Because they have both taken Math 107, and they have limited income, they understand the importance of budgeting. They decided to track their spending for four months and analyze the data together. That information will help them to have new monthly budget for their new family.
Below are two tables containing the information that Lucas and Sara collected. Lucas currently has 3 roommates and splits the cost of rent, utilities and cable/internet. Sara is currently living with 2 roommates and splits the cost of gas, electric, internet and cleaning supplies.
Your goal is to use mean, median, and mode to analyze the data below and help Lucas and Sara to have a monthly budget for their future spending. Choose which budget category will best describe each expense, then help them determine an appropriate monthly budget amount for their new two-person household. Be prepared to justify your proposed budget values using math or other evidence.
Sara's expenditures for January through April Sara shares an apartment with 2 other women, so consider the total cost in your analysis. | ||||
| January | February | March | April | |
| Rent | $500 | $500 | $500 | $500 |
| Manicure | $0 | $35 | $0 | $35 |
| Haircut | $0 | $0 | $40 | $0 |
| Groceries | $142.17 | $147.70 | $218.95 | $67.50 |
| Electric Bill | $9.05 | $9.20 | $8.24 | $8.80 |
| Gas Bill | $31.04 | $21.22 | $14.94 | $15.87 |
| Cell Phone | $115.44 | $96.77 | $97.07 | $97.07 |
| Charitable donations | $120 | $120 | $144 | $108 |
| Internet | $27.65 | $27.65 | $27.65 | $27.65 |
| Public transportation | $15 | $0 | $0 | $0 |
| Eating out | $39.24 | $50.34 | $170.62 | $90.74 |
| Cleaning supplies | $15 | $0 | $21 | $0 |
| Clothing | $72 | $0 | $46 | $58 |
| Books/Supplies | $352 | $0 | $0 | $0 |
| Tuition | $1500 | $0 | $0 | $0 |
Lucas' expenditures for January through April Lucas shares an apartment with 3 other men, so consider the total cost in your analysis. | ||||
| January | February | March | April | |
| Rent | $350 | $350 | $350 | $350 |
| Groceries | $166.13 | $275.57 | $189.50 | $92.29 |
| Cell Phone | $98.32 | $62.95 | $59.29 | $59.87 |
| Utilities | $50 | $50 | $50 | $50 |
| Cable/Internet | $18.75 | $18.75 | $18.75 | $18.75 |
| Gas for car | $53 | $72 | $65 | $59 |
| Car maintenance | $24 | $0 | $75 | $136 |
| Dentist | $0 | $87 | $0 | $0 |
| Charitable donations | $88 | $105.60 | $96.80 | $88 |
| Clothing | $22 | $49 | $0 | $31 |
| Car Insurance | $71.12 | $71.12 | $71.12 | $71.12 |
| Gym | $9.99 | $9.99 | $9.99 | $9.99 |
| Haircut | $15 | $15 | $15 | $15 |
| Eating out | $7.22 | $31.40 | $31.82 | $50.02 |
| Books/Supplies | $258 | $0 | $0 | $0 |
| Tuition | $1500 | $0 | $0 | $0 |
| Lucas and Sara Proposed Monthly Budget | ||
| Category | Proposed Budget Value | Math/Evidence-based Justification |
| Rent | ||
| Utilities | ||
| Transportation/Car Expenses | ||
| Health Care | ||
| Education | ||
| Entertainment | ||
| Food | ||
| Personal Expenses | ||
| Tithing/Charitable Donations | ||
| Miscellaneous | ||
Are there additional categories you think should be included in Lucas and Sara's Monthly Budget? If so, what are they? How much would you budget and why?
| Category | Proposed Budget Value | Math/Evidence-based Justification |
REFLECT
1) In which budget categories was it more helpful to use median or mode to determine the new budget value? Explain?
2) In which categories did you encounter the greatest variation? Were there outliers? How did these affect your determination of the new budget amounts?
3) What kinds of items fall under the miscellaneous category?
4) What was your greatest take-away from this assignment? Explain?
Expert Answer:
Answer Lucas and Sara Proposed Monthly Budget Category Proposed Budget Value MathEvidencebased Justi... View the full answer
