Mean Student-Loan Debt in the U.S. $40,000 $35,000 33,050 $30,000 26,682 $25,000 22,022 23,349 $20,000 17,562 $15,000 $10,000 $5000 2001 2004 2007 2010 2013 Graduating Year Source: Pew Research Center Mean Student-Loan Debt
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
College students are graduating with the highest debt burden in history. The bar graph shows the mean, or average, student-loan debt in the United States for five selected graduating years from 2001 through 2013.
Here are two mathematical models for the data shown by the graph. In each formula, D represents mean student-loan debt, in dollars, x years after 2000. The Model 1 is, D = 1188x + 16,218 and the Model 2 is D = 46x2 + 541x + 17,650.
Solve, a. Which model better describes the data for 2001?
b. Does the polynomial model of degree 2 underestimate or overestimate the mean student-loan debt for 2013? By how much?
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