Answer any or all of the following:
Consider repair cost for Car A and Car B. The mean repair cost for each is $500 per year. Which statistics about repair cost may play into your decision to purchase one of these? Which car would you choose? Explain. Do you take the cash back or 0% financing? How do you know? How much life insurance should you have?
Create a list of representative monthly phone bills, transportation expenses, and rent or mortgage expenses for the past year for your town or city. Round all figures to the nearest dollar and compute the range, standard deviation, and variance for each group of data. A statistical calculator or software, such as StatDisk, can be used to do the computations. How does the cost of your home compare to the other houses on your street? What statistic should you use?
Provide an example of a classical probability. Provide an example of a relative frequency probability.
Why is the word “or” used in the addition rule and the word “and” used in the multiplication rule? Explain.
Explain the rules for your state lottery (such as 60 balls total, with 5 balls picked each drawing). Use combinations to determine your probability of winning the grand prize. Give some other examples of games of chance you may have played or know about. Do you have an example of a time when you “beat the odds”?
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