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Class 24, April 21, 2016 Lesson 8.2: 400 Guilders Becomes a Trillion By the end of this lesson, you should understand that: ◦ With linear growth, the debt grows by a constant monetary value (e.g. number of guilders) each period, whereas with exponential growth, the debt grows by the same percentage each period. By the end of this lesson, you should be able to: ◦ Understand precision, including how small changes in initial assumptions can effect large changes later on. ◦ Understand and re-interpret Excel notations, such as scientific notation, symbols for exponentiation, etc. Main ideas in the lesson: ◦ Small debts can rapidly increase with compounding interest. ◦ Mathematical models are not perfectly accurate ways to measure values. Nevertheless, mathematical models are useful, and many have been shown to calculate values that are close to the real data. Connections to the 8 course goals: 2. Reason abstractly and quantitatively. 3. Construct viable arguments and critique the reasoning of others. 4. Model with mathematics. 5. Use appropriate tools strategically.