Notes:
· This exercise focuses on the material covered in Weeks 4 & 5 and has a weighting of 6.67% in your course.
· Use a blue or black ball-point pen.
· Submit your own work. Plagiarism will be penalised.
· Write your answers in the spaces provided.
· Write clearly, neatly and legibly.
Question 1 (5 marks) Parts a) and b) are unrelated. Each is compulsory,
a) The price of a litre of regular unleaded petrol in November 2018 was $1.45 and in February 2019 was $1.35.
(i) Calculate the change in the price
(ii) Calculate the percentage change in the price of regular unleaded petrol between these times.
b) An investor owns two stores. Store A had weekly sales of $440,000 with 10 full time employees, twenty 0.5 employees and five 0.4 employees.
Store B had weekly sales of $235,000 with five full time employees, twelve 0.3 employees and two 0.4 employees.
i) Calculate the Sales to FTE employee ratio for Store A.
ii) Calculate the Sales to FTE employee ratio for Store B.
iii) Using your FTE answers above, which store was the most productive for this investor? Briefly explain.
Question 2 (5 marks), Parts a), b) and c) are unrelated. All are compulsory.
a) If $525 is invested in a deposit account that pays 6% interest annually for 6 years, what is the final value of this investment?
b) If $40,000 is invested at a monthly interest rate of 1% per month, what is the final value after 9 months?
c) Decide which of the following is better for an investor:
i) an account which pays 0.8% monthly or
ii) an account which pays 6% annually?
Question 3 (5 marks)
The following table summarizes gender and smoking preference for a sample of 350 individuals. Your answers to the following questions may be as fractions, decimals or percentages.
a) What is the probability that one randomly selected individual is male?
b) What is the probability that one randomly selected individual is a non-smoker?
c) What is the probability that one randomly selected individual is a non-smoker and a male?
d) What is the probability that one randomly selected individual is a non-smoker or a male?
e) What is the probability that one randomly selected individual is a non-smoker given that they are a male?
Question 4 (5 marks)
Suppose that we have two events, A and B with the following probabilities:
P(A) = 0.45 P(B) = 0.55 P(A and B) = 0.40.
a) What is P(not B)?
b) What is P(A or B)?
c) What is P(A | B)?
d) What is P(B | A)?
e) Are the events A, B mutually exclusive? Briefly explain.
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