Using an interest rate of 3.25% (a) Find the future value of £12,500 in 10 years' time. (b) present value terms? (c) You are offered a lump sum in 5 years' time of £7,350. What is that worth in Suppose you are considering taking a lump sum of £11,500 now or a different sum in six years. How much larger would the later sum need to be in order to compensate you for waiting?

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.