Answered: The managers of an import agency are…

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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Question

The managers of an import agency are investigating the length of time that customers take to pay their invoices, the normal terms for which are 30 days net. They have checked the payment record of 100 customers chosen at random and have compiled the following table:

a. Construct a histogram and use it to estimate the modal value.

b. Estimate the probability that an unpaid invoice chosen at random will be between 30 and 39 days old.

Payment in days 5 to 9 10 to 14 15 to 19 | 20 to 24 25 to 29 30 to 34 35 to 39 40 to 44
No. of customers
10
17
20
22
16
8.
3

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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