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I’m working on a Literature question and need guidance to help me study.For a detailed (easy-to-follow) explanation of assignment requirements, please see attached Latte Factor Project PDF. For grading of this assignment, please refer to the grading rubric for the Latte Factor Project. Or, watch this video for a step-by-step guide to this project (optional for people wanting additional guidance on how to complete this project).Basic Assignment Parameters:This activity will open your eyes to the long-term impacts of your discretionary (non-essential) spending. For this project, you’ll maintain a straightforward diary of all personal expenditures (i.e., every single penny spent) during a seven (7) day period. Once completed, separate your wants from your needs. Examples of discretionary expenses might include a latte at Starbucks, non-essential clothing purchases, dinner out with friends, a bag of potato chips from a vending machine, or a pack of cigarettes. Discretionary spending = your wants; Non-discretionary spending = your needs.To complete your assignment, you’ll track your spending, and then complete the following calculations: Using your spending diary, calculate a lump sum equivalent to one week of discretionary spending (do not include your essential purchases), then multiply this figure by 52 to simulate a year of discretionary expenses.
Using the annual figure of discretionary expenses just calculated, multiply it by 25 years to find out how much money you’ll spend on discretionary purchases over the next 25 years if current spending patterns continue.
Find out what your money would be worth if you invested your discretionary money instead of spending it. Do this by calculating the Future Value of an Annuity (see chapter 2 for details on how to make this calculation). Use 25 as the number of time periods and 6% as your interest rate (average annual return).
Because it is unlikely that you will be able to save 100% of your discretionary funds over the next 25 years, redo the previous calculation using a number that represents half of your annual discretionary spending figure.
Congratulations! Now you know what you are giving up every time you decide to buy a latte at Starbucks (or whatever your favorite treat might be). In 25 years, will you remember the experience of drinking that latte? In 25 years, what could you do with your Future Value sum? Pay off a mortgage? Pay for a portion or your child’s college education? Take a once-in-a-lifetime trip? For this assignment, you must turn in three things:a copy of your spending diary with discretionary expenses highlighted for the week (you can change description of an expense if you’d prefer to keep it private — just make sure the total costs remains the same)
Your calculations from items 1-4 above (including formula used to calculate future value of an annuity). Please show your work by walking through calculations step-by-step.
Short answer responses to the following six questions:
What did you learn from tracking all of your purchases and expenses for a week (list at least two discoveries)?
What does your spending say about you?
To what degree did your spending over the week align with your core values and priorities? To what degree did it deviate from your core values?
Looking at your wants, which could you easily give up? Which would be hard for you to give up?
Were any purchases hard to categorize as a “want” vs a “need”? If so, how did you decide?
Do you think this project will impact your future habits or spending in any way?*** All answers must be substantive and thoughtful and written as full sentences.
Requirements: 1000

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