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 saves £200 out of the part time job pay for his further education plan. As to the below Travel Expenses table published by the Students’ Union, 185 students were randomly selected to help understand the travel expenses and distance to campus. What’s the probability for Mike to spend over £10 on journeys to campus?
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.
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 saves £200 out of the part time job pay for his further education plan.
- As to the below Travel Expenses table published by the Students’ Union, 185 students were randomly selected to help understand the travel expenses and distance to campus. What’s the probability for Mike to spend over £10 on journeys to campus?
|
|
Distance to Campus (miles) |
||
|
Amount spent, £ |
0.1 to 0.25 |
0.26 to 1.0 |
Over 1.0 |
|
0 – 4.99 |
35 |
26 |
10 |
|
5.00 – 9.99 |
18 |
39 |
20 |
|
10.00+ |
4 |
14 |
19 |
2.How much is the frequency for students living over 1 mile away from the campus?
3.Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays simple interest rate 3% per annum?
4.Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays compound interest rate 3% per annum?
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