Mike is a first-year university student who is trying to understand his financial situation. Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him £800 per month. Mike has student loan to support his living and tuitions. The loan doesn’t require to be repaid until he finds his first full-time job. Mike wants to save £200 per month i.e. £2,400 per annum from the part time job. He transfers the £2,400 into his saving account at the end of every year. As to the below Accommodation Expenses table published by the Students’ Union, the below students were randomly selected to help understand the weekly accommodation expenses and distance to campus. What’s the probability for Mike to spend over £160 weekly on accommodation based on the information in the table? The table contains weekly data Distance to Campus (miles) (Accommodation to Campus) Amount spent, £ 0.1 to 0.25 0.26 to 4.0 Over 4.0 Below 100 0 0 2 101 - 120 0 12 20 121 - 140 0 65 0 141 - 160 23 54 1 161 - 180 38 42 0 181 - 200 23 5 0 Above 200 5 1 0 b.) How much is the frequency for students living over 0.26 to 4 miles away from the campus? c. ) As to the category of Amount Spent, £, what is the modal group? d. ) Assuming Mike is saving the same amount every year in the next 6 years. The time is Jan 01, 2020. How much will be the balance on Mike’s saving account on Dec 31, 2025, if his saving account pays simple interest rate 3% per annum and Mike always keeps the interest in his saving account? e. ) Assuming Mike is saving the same amount every year in the next 6 years. The time is Jan 01, 2020. How much will be the balance on Mike’s saving account on Dec 31, 2025, if his saving account pays compounding interest rate 3% per annum and Mike always keeps the interest in his saving account?
Mike is a first-year university student who is trying to understand his financial situation. Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him £800 per month. Mike has student loan to support his living and tuitions. The loan doesn’t require to be repaid until he finds his first full-time job. Mike wants to save £200 per month i.e. £2,400 per annum from the part time job. He transfers the £2,400 into his saving account at the end of every year.
As to the below Accommodation Expenses table published by the Students’ Union, the below students were randomly selected to help understand the weekly accommodation expenses and distance to campus. What’s the probability for Mike to spend over £160 weekly on accommodation based on the information in the table? The table contains weekly data
Distance to Campus (miles) (Accommodation to Campus)
|
Amount spent, £ |
0.1 to 0.25 |
0.26 to 4.0 |
Over 4.0 |
|
Below 100 |
0 |
0 |
2 |
|
101 - 120 |
0 |
12 |
20 |
|
121 - 140 |
0 |
65 |
0 |
|
141 - 160 |
23 |
54 |
1 |
|
161 - 180 |
38 |
42 |
0 |
|
181 - 200 |
23 |
5 |
0 |
|
Above 200 |
5 |
1 |
0 |
b.) How much is the frequency for students living over 0.26 to 4 miles away from the campus?
c. ) As to the category of Amount Spent, £, what is the modal group?
d. ) Assuming Mike is saving the same amount every year in the next 6 years. The time is Jan 01, 2020. How much will be the balance on Mike’s saving account on Dec 31, 2025, if his saving account pays simple interest rate 3% per annum and Mike always keeps the interest in his saving account?
e. ) Assuming Mike is saving the same amount every year in the next 6 years. The time is Jan 01, 2020. How much will be the balance on Mike’s saving account on Dec 31, 2025, if his saving account pays compounding interest rate 3% per annum and Mike always keeps the interest in his saving account?
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