Read the scenarios below and try to determine which options give you a better deal.
- Your favorite gum is on sale at the grocery store. You can either purchase a 12-pack for $3 or a 6-pack for $1.75. Which pack offers you a better price per piece?
- Your parents agree to pay you an allowance for the next four weeks in exchange for your help with household chores. They offer you two options for payment: You can accept a lump sum of $18 now, or you can receive $5 at the end of each week. Which option results in more money at the end of the four-week agreement?
- You have a coupon to purchase three candy bars for only $2.50. At the store, however, there’s a special offer advertising five candy bars for $4.00. Which deal offers you a lower price per candy bar?
- Your friend offers to buy your old, unused skateboard from you. He gives you two payment options to choose from: $5 now and another $5 at the end of next week, or $3 each week for the next three weeks. Which option results in more cash for you?
Here at First Commonwealth Federal Credit Union, we’re on a mission to transform today’s youngsters into tomorrow’s dollar scholars. We offer special account programs for different age groups of children because each group’s financial needs and interests are different. Check out the different Kids and Students accounts because it is never too early to start your child’s financial education.
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Answers: 1) The 12-pack offers a beter price per piece. 2) The $5 weekly payment results in more cash. 3) The in-store special offers a better price per candy bar. 4) The option with two payments of $5 gives you a higher total price.