Anissa Crawl

Math-123
Professor Gray
30th Nov. 2016

Project 3 Reflection Paper

Abstract
In this paper, I will talk about all the outcomes I have found out using Excel. In this
project, I was able to calculate my future annual salary and gross pay, I was able to find out how
much I can retire on and what kind of house I can get a mortgage on. I was also able to compare
my career choice after college against a high school student with no college degree. I calculated
how long it would take to pay off half a mortgage (with conditions I will later explain.)

I am currently enrolled in Ivy Tech to finish my degree in Criminal Justice. My hope is to

become a criminal investigator, and doing this project I get a glimpse of what my future could
look like. My median annual salary is $58, 840 which is how much I would make a year. If I had
just gotten out of high school and made a regular amount of $12 an hour, I would only make
$24,960 a year.
The difference between my salary choice and our high school student is a total of $33,880
a year. My mortgage is $58,810 for a house to become a criminal investigator, and for the high
school student is a mortgage of $27,780.48 which is a $31,029.52 difference in picking a
mortgage. After 40 years and an investment rate of 7%, my criminal investigator career will
have a $577,896.42 401K worth, while the high school student has a $272,980.59 401K worth.
There is a $304,915.83 difference in 401Ks between the criminal justice career and the high
school student. The Criminal Justice career, while sustaining on it alone can last you 15 years
and one month, while the high school students only last one year and 4 months. The Criminal
Justice lasts 13 years and 7 months longer than the high school students 401K sustainability.
To find the absolute change in the first mortgage we subtract the minus old which gives
you a negative 639.77 change in the first amortization table. In the second amortization table the
absolute change is a negative 594.78 change in data. In the first amortization table, we subtract
new-old/old which comes to a 10% relative change. In the second amortization table the relative
change is 10.1%.
If you go into Criminal Justice and get a mortgage of $58,810.92 and have a rate of
3.71% and pay it off for 30 years, it will take you a total amount of 56 months to pay half of it. If
you go into Criminal Justice and have a rate of 3.49% and pay it for 15 years, it will take a total
of 63 months to have half of your mortgage paid for. You will not pay 50% of interest because

you are paying more than that since you are continuing to pay for it as the months go by. The
total amount of interest you will end up paying on the first amortization table is $7,298.86. The
total interest you are paying in the 2nd amortization table is a total of $6,208.78. Between the two
tables you are paying $1,090.08 more in the first table than the second.
In my career choice, my career can only support me for 15 years and one month, so
unless I am only planning to live for 15 years after retirement, I cannot completely live on
retirement. I must depend on savings and maybe even get another job to support me. My annual
median starting out salary is $52,840 and if I was to get a 2.5% annual raise for the next five
years my income would increase to $10,568,000 which is a HUGE difference!
In my career choice, I have learned I will not make a huge amount of money, so to
balance my savings and dont completely depend on money. I learned dont retire, I will be too
bored anyway so I dont plan on it, and find a good job that continues to invest in my 401K.