Financial Math Assignment (Road Trip) (Research Paper Sample)

Financial Math Assignment (Road Trip) Student’s Name: Department: Unit name: Professor: Date of Submission: Financial Math Assignment (Road Trip) 1. Purchase of a car in Seattle. * Make of the car: Chevrolet Silverado 1500 * Price: $41,705 * Age: 2024 * Miles on car: 8 * MPH/KML: 16/22 * Picture; 2. Route Plan Our route plan is expected to take approximately 43 hours as per the google map estimates. Hence this dictates us that we have to make at least four stops over, since the required travel hours per day is 10 hours. Our trip plan starts form Seattle Washington, USA to Montreal, Quebec, Canada. Since the distance need to be portioned into miles while in United States and in Kilometers in Canada then we have to ascertain both distance. From Seattle to Sault Ste Marie covers a distance of 2,083.9 miles while from Sault Ste Marie to Montreal is 988.6 kilometers. As per the research conducted from online platforms and maps the trip is scheduled to have four stop overs and bookings in the areas indicated below: 1 Seattle Washington to Bozeman 2 Bozeman to Valley City 3 Valley City to Munising 4 Munising to Arnprior 5 Arnprior to Montreal. In order to evaluate the total distance to be covered on daily basis we will evaluate the number of hours since the distance per day can be dictated by traffic jams and weather conditions. Therefore, we opted to stick with the total miles covered with 10 hours of travelling per day. Along the way stop over we booked in the following hotels; 1 Bozeman: La Quinta Inn & Suites cost per booking is $108.45 (La Quinta Inn & Suites by Wyndham Lake City, Lake City, USA, n.d.) 2 Valley City: Econ Lodge cost is $74 (Econo Lodge From $73. Valley City Hotel Deals & Reviews - KAYAK, n.d.) 3 Munising: Magnuson Hotel Country Inn cost is $80 (Tripadvisor, n.d.) 4 Arnprior: Knights Inn Arnprior cost per booking is $108.25 Canadian dollars (Knights Inn Arnprior, Arnprior, Canada, n.d.) According to the rate of Chevrolet Silverado 1500 RST, 2024 it has 24 miles per gallon. Pieces the of Journey Below are stop overs and routes used in our trip. 1 Seattle Washington to Bozeman The total distance covered is 677 miles 2 Bozeman to Valley City The total distance covered is 688.2 miles. 3 Valley City to Munising The total distance covered is 596.4 miles sometimes can be dictated by traffic. 4 Munising to Arnprior The total distance covered is 576.5 miles. 5 Arnprior to Montreal. The total distance covered is 262.2 kilometers. In this case the total distance covered in miles in the US is 2,083.9 miles and 988.6 kilometers in Canada. The determination of total cost of gas in this case was dictated by our vehicle’s rate of consumption in miles per gallon. Hence we had a responsibility of evaluating the total number of gallons that were to be used for the whole trip. For instance, the total distance in miles up to Arnprior Ohio Canada is 2,537 miles and it is assumed that before making a stopover in Arnprior the vehicle if filled full tank from the previous destination. So the number of gallons is formulated as total distance (2,537) divided by 24 mpg. The number of total number of gallon is 106. Determination of cost of gallon in every stop over: The cost for gallon in Seattle is $4.65 x 26 gallons = $120.9 The cost for gallon in Bozeman is $3.67 x 27 gallons = $99.09 The cost for gallon in Valley City is $3.96 x 27 gallons = $106.92 The cost for gallon in Munising is $4.02 x 26 gallons = $104.52 On the other hand, it is important to note that Chevrolet Silverado 1500, 2024 consumes 10L/100km. In this case the distance from Arnprior to Montreal is 262.2km so the number of liters consumed is 26.22. The current rate for a liter in Arnprior is averagely 161 Canadian dollars. Cost = (26.22*161) = 4,221.42 Canadian dollars. The Total Cost = ($120.9+$99.09+$106.92+$104.52) = $430.62 US & 4,221.42 Canadian dollars. There are several insurance providers but in this case we settled for an Emergency Road Service from Allstate Insurance at a cost of $25 in the US and CAA at a cost of $119 Canadian dollars in Canada. Total Cost of the Trip In order to ascertain the total cost for the trip we need to do cumulative calculations of all costs incurred from gas, hotel bookings and insurance. In the US the total cost = (cost for fuel + hotel + insurance) = $430.62 + $262.45 + $25 =$718.07 Total Canadian dollars = (cost for fuel + hotel + insurance) = 4,221.42 + 175.87 + 119 =4,4...