Real-Life Math
The main library at your university isn't accessible by wheelchair. As the president, you find this condition unacceptable. You want the university to immediately buy and install elevators, create ramps at the front entrance of the building and renovate the washrooms so that they're accessible to wheelchairs.
But by studying some of the account statements presented to you, you see that the university has little money to put forward for the project.
"Certainly, math is important in understanding statistics and budgeting," says Jim Kassen. He is a college president. Presidents may not be accountants or comptrollers, but they need to stay on top of issues at the university. This often involves reading over data, charts and figures.
"Budgeting is very important," he says. "If the funding is decreased at our college, we have to calculate what will happen to our employees. Even at a small institution, we pay out $50,000 a day in payroll."
Undeterred by the lack of available money, you decide to hold a fund-raising dinner to begin the renovations.
This is what the fees will be to hold the dinner at the university clubhouse:
Hall rental and staffing: $3,000
Catering: $6,000
Guest speaker's appearance fee: $2,500
Dinner ticket prices:
Individual: $150 per plate
Couple: $275 per couple
Table of 10: $1,000
You have already sold:
143 individual tickets
240 couples' tickets (that is, tickets for 480 people)
50 tables of 10
What profit do you stand to make from this dinner so far?