Justina and Frank, a couple, operate a joint account at ECOBANK Ghana Limited. Both have decided to obtain cash from an ATM (cash machine) located at University of Ghana Campus. They suspect that the rate at which they spend cash is influenced by the amount of cash they withdrew at their previous visit to the ATM. To help them understand this, they deliberately vary the amounts they withdraw. They record, for each visit to an ATM, the amount, GHS (y), withdrawn, and the amount of hours, x, until their next visit to an ATM. The table below shows the records for all their visits in hours and the corresponding amount they withdrew in each instance. Using microsoft excel, answer the questions that follow after the table.withdrawal12345678910Y4001001000110012001500200900800130X56621953309427048196214286 Using excel, provide a summary statistics for x and y (hint: mean, median, standard deviation, minimum and maximum values) and write short commentary on the summary statistics.Using excel, perform a scatter plot of the data and write a brief report on it.Using excel, perform a simple correlation on the data and write a brief comment on it.Using excel, perform a least square regression of Justina and Frank’s rate of spending cash (y) on the number of hours it takes them to visit ATM machine to withdraw cash (x).Comment on the sign and magnitude of the slope parameter.Suppose the amount of hours until the next visit to an ATM is zero, what is the amount of GHS that Justina and Franklin are expected to have in cash?Suppose further that amount of hours until the next visit to an ATM is expected to rise by 100 hours, how much money do you expect Justina and Franklin to withdraw?Based on your postulated relationship between amount withdrawn from an ATM and number of visits to ATM, advice the couple on what do to ensure prudent spending.

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Answered: Justina and Frank, a couple, operate a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Justina and Frank, a couple, operate a joint account at ECOBANK Ghana Limited. Both have decided to obtain cash from an ATM (cash machine) located at University of Ghana Campus. They suspect that the rate at which they spend cash is influenced by the amount of cash they withdrew at their previous visit to the ATM. To help them understand this, they deliberately vary the amounts they withdraw. They record, for each visit to an ATM, the amount, GHS (y), withdrawn, and the amount of hours, x, until their next visit to an ATM. The table below shows the records for all their visits in hours and the corresponding amount they withdrew in each instance. Using microsoft excel, answer the questions that follow after the table.

withdrawal	1	2	3	4	5	6	7	8	9	10
Y	400	100	1000	1100	1200	1500	200	900	800	130
X	56	62	195	330	94	270	48	196	214	286

Using excel, provide a summary statistics for x and y (hint: mean, median, standard deviation, minimum and maximum values) and write short commentary on the summary statistics.
Using excel, perform a scatter plot of the data and write a brief report on it.
Using excel, perform a simple correlation on the data and write a brief comment on it.
Using excel, perform a least square regression of Justina and Frank’s rate of spending cash (y) on the number of hours it takes them to visit ATM machine to withdraw cash (x).
Comment on the sign and magnitude of the slope parameter.
Suppose the amount of hours until the next visit to an ATM is zero, what is the amount of GHS that Justina and Franklin are expected to have in cash?
Suppose further that amount of hours until the next visit to an ATM is expected to rise by 100 hours, how much money do you expect Justina and Franklin to withdraw?
Based on your postulated relationship between amount withdrawn from an ATM and number of visits to ATM, advice the couple on what do to ensure prudent spending.

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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