Math Assignment unit 7
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mm255_unit7_instructor_graded_assignment.docx
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MM255 Business Math and Statistical Measures
Unit 7: Instructor Graded Assignment
Business Statistics
Unit 7 focuses on descriptive business statistics, which is covered in your reading of Chapter 7: “Business Statistics.”
You must show your work at all times. The steps for solving each problem must be explained. Failure to do so could result in your submission being given a 0 grade. If you have any questions about how much work to show, please contact your instructor.
Assignments must be submitted as a Microsoft® Word® document and uploaded to the Dropbox for Unit 7. Type all answers directly in this Assignment below each question.
All Assignments are due by Tuesday at 11:59 p.m. ET of the assigned unit.
Available Resources
One of the benefits of attending here at Kaplan is that we have a tremendous amount of resources available for you. If you find yourself having difficulties completing this exercise consider taking advantage on one or more of the following resources:
1. Textbook: The textbook reading assigned for each unit includes the topics and calculation details for each type of problems you will complete.
2. LiveBinders: In the LiveBinder for the unit, you will find more information on unit topics, example problems , and video content on the unit’s topics. To access the LiveBinder for a unit, use the menu on the left side of the classroom, select the unit you are in, and when you click the unit link several additional links will appear below the unit heading, one of those links will be “Live Binders.”
3. KU Math Center: Take advantage of the KU Math Center’s many services:
a. Math Tutoring
b. Question & Answer Services
c. Request a Video Example Services
d. Project Review Services (be sure to submit Assignments early enough to receive feedback and make corrections before the Assignment due date (24 hour turn-around times Monday-Thursday and 48 hour turn-around times on weekends are typical).
e. Math Center Reference Library
To access the KU Math Center start at the KU Campus Home Page. From the KU Campus Home Page, select My Studies (top menu bar), then select Academic Support Center, and review the Math Center offerings.
4. Email Your Instructor: Your instructor is only an email away; when you cannot make any more progress on a problem, reach out. Send your instructor the work you started and steps of the problem you have completed so far, and ask for help. Your instructor will respond within 24 hours.
Business Statistics Assignment (Total 40 Points)
Question 1: (10 Points)
Find the mean, median and mode of the following:
Presto Printing Company sales for the month of February.
(NOTE: The company is closed on Sundays.)
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February 2: $4,694 February 3: $5,954 February 4: $3,309 February 5: $3,106 February 6: $7,124 February 7: $2,149 February 9: $3,123 February 10: $4,128
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February 11: $3,198 February 12: $2,198 February 13: $7,287 February 14: $1,123 February 16: $4,598 February 17: $3,987 February 18: $3,099 February 19: $3,098
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February 20: $5,980 February 21: $3,209 February 23: $6,531 February 24: $3,098 February 25: $4,598 February 26: $4,873 February 27: $9,876 February 28: $5,878
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One tip for this question is to put the numbers in order from largest to smallest. This is also a good tip for the other questions as well.
To find the mean you do the same calculation as finding the average. You will add the numbers together and then divide by the number of numbers. This should be more than $4,425.00.
Since there is an even number of numbers for this question, you will have to use that specific method to find the median. There will be two median numbers in the data that you will have to add together and then divide by two to get your answer. This should be more than $4,057.00.
The mode is simply the number that occurs the most. There will be a mode for this problem.
Question 2: (20 Points)
a) Set up a frequency distribution table and calculate the relative frequency for the following quiz scores that Matt achieved in his Algebra course:
Matt’s Quiz Scores: 85, 88, 92, 79, 100, 78, 61, 60, 79, 99, 100, 69, 98, 85, 92, 79, 81, 85, 100, and 100. Use the following frequency intervals:
60 – 70 After each interval should just be a number like 2, or 3, etc. to represent how many numbers fall in the 60 to 70 category or whichever interval you are doing.
70 – 80
80 - 90
90 – 100
b) Calculate the variance and standard deviation for Matt’s quiz scores. Suggestion: set the problem up in steps within a table like the textbook illustrates.
The table steps are shown below:
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1 |
2 |
3 |
4 |
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Actual Numbers |
Mean |
Difference (1-2) |
Difference Squared (3 X 3) |
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Total of column 4 |
Take the total of column 4 and divide by the difference of the number of numbers and 1 (this means Total / (20 -1)). This is the variance which should be more than 157.
The standard deviation is the square root of the variance. This should be more than 12.
Question 3: (10 Points)
Patrick’s Average Sales:
Monday $4,099
Tuesday $6,900
Wednesday $0
Thursday $10,000
Friday $9,007
Saturday $9,766
Sunday $0
Is it better for Patrick to earn 7.5% based on his average daily sales or a flat $4,000 for the week?
Find the average daily sales and then take it times 7.5% to get the commission per day, and then find the commission per week. Compare that to the salary (flat $4,000.00).
