Real-Life Math -- Solution
First, convert each salary to your own currency and compare them that way.
If you teach in Singapore, you could earn 69,999 Singapore dollars. To convert that money to American funds, use the following equation:
69,999 x 0.58 = $40,599.42
If you teach in India, you could earn 1,444,948 rupees. To convert that money to American funds, use the following equation:
1,444,948 x 0.02 = $28,898.96
If you teach in Portugal, you could earn 7,222,399 escudo. To convert that money to American funds, use the following equation:
7,222,399 x 0.005538 = $39,997.64
Then subtract the travel and living expenses. This will tell you how much you could potentially come home with.
In Singapore, your potential earnings are:
Earnings = $40,599.42 - ($38,000 living + $10,000 travel)
Earnings = $40,599.42 - $48,000
Earnings = - $7,400.58
This means you would be out of pocket $7,400.58 if you took the Singapore job.
In India, your potential earnings are:
Earnings = $28,898.96 - ($20,000 + $6,000)
Earnings = $28,898.96 - $26,000
Earnings = $2,898.96
You would take home $2,898.96 if you took the India job.
In Portugal, you could earn:
Earnings = $39,997.64 - ($30,000 + $4,000)
Earnings = $39,997.64 - $34,000
Earnings = $5,997.64
You could earn $5,997.64 in Portugal.
It appears that the job in Portugal may offer the best financial gains.
Remember, you would want to do the math as close as possible to the date you would accept the job. Currency rates fluctuate and those in underdeveloped countries and eastern European nations undergoing political change can go through dramatic rises and falls overnight.
Gloria Schiebel is the director of the Atlantic Overseas Teaching Institute. She says math skills aren't vital, since a teacher's main asset is a grasp of the English language.
However, she says math is useful to people in the profession "if they want to save some money!"