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M7 Assignment: Probability
Probability Report
The probability of an event can be determined in theory as well as in practice. In this project, you will use the formulas and methods in your readings to determine the theoretical probability. You will then conduct an experiment to see if the outcomes match what you expect to find with the theoretical probability.
In this project you will:
- be able to use the counting principle to determine the number of possible outcomes
- be able to calculate and interpret probability
To complete this project you will:
- Complete the Probability Worksheet to guide you in developing your budget. Be sure to show all work!
- Complete a 2 page, double spaced, APA formatted report. In the report you need to present your findings and explain your conclusions on experimental and theoretical probability. Thoughts to include in the report include: How are theoretical and experimental probability different? Why might the theoretical probability not match the experimental probability?
- Be sure to cite your sources for the questions that require sources.
Length
/Formatting Instructions
| 2 pages, 400-500 words | |||
| Font | 12 point , Calibri Font, no more than 1″ margins | ||
| Program/File Type | Submit in Word |
M4 Assignment: Financial Statement
Financial Report
Money is a central concept for everyone no matter what age you are. In this project you will explore exponents using the compound interest formula to make conclusions on investments.
In this project you will:
- Use exponents to calculate the amount of interest earned on an investment.
- Evaluate formulas with exponents.
- Convert interest rates to decimals.
- Apply the order of operations.
To complete this project you will:
- Complete the Financial Report Worksheet to guide you in developing your budget. Be sure to show all work!
- Complete a 2 page, double spaced, APA formatted report. In the report you need to present your findings and explain your conclusions on interest rates and compounding frequency. Thoughts to include in the report include: Is a savings account a good way to earn interest? When looking at opening a savings account what should you look for: higher interest rate or more frequent compounding?
- Be sure to cite your sources for the interest rates from the chosen financial institution!
Length/Formatting Instructions
| 12 point, Calibri Font, no more than 1″ margins |
Financial Report Worksheet
Directions: Complete the financial report worksheet to help you with your calculations to
create the APA report.
1. Go to your financial institutions website or a local financial institution website and find the
interest rate and compounding frequency (monthly, quarterly, annually, etc) for a savings
account. Record that here:
𝑟 𝑛𝑡
2. Use the compound interest formula: 𝐴 = 𝑃 (1 + 𝑛) where r is the rate as a decimal, n is
the number of times it is compounded in the time frame, t is the amount of time and P is the
starting value. Calculate your balance if you invest $1,000 for 1 year.
3. Using the compound interest formula Calculate your balance if you invest $1,000 for 5 years.
4. Now select a new compounding period (monthly, quarterly, annually, etc) and redo your
calculations from number 2 & 3.
5. Now select a new interest rate from another financial institution that is different than your
starting one. Redo your calculations from number 2 & 3 with the new rate but keeping the
same frequency it is compounded.
6. What did you learn about comparing the compounding frequency that interest is
compounded?
7. What did you learn about comparing the interest rate?
8. Is it better to have a slightly higher rate or have interest compounded more often?
Probability Report Worksheet
Directions: Complete the financial report worksheet to help you with your calculations to
create the APA report.
1. Choose one of the 3 scenarios:
a. Probability of obtaining heads on a coin toss
b. Probability of rolling a 2 on a 6 sided die.
c. Probability of drawing a Jack from a deck of cards.
2. Calculate the theoretical probability for your chosen scenario. Show all work! Remember
probability is the number of ways you can achieve the desired outcomes divided by the total
number of outcomes. Then calculate the theoretical probability of your chosen scenario NOT
happening. Ex: What is the probability of “Not Heads”? What is the probability of “Not rolling a
2”, etc.
3. Complete 100 trials for your chosen scenario. Ex: Flip a coin 100 times and record the
outcome, roll a di 100 times and record the outcome, choose a card from a deck (with
replacement) 100 times.
4. Create a table in Microsoft word here and record your data.
5. Using the table you created in number 4, what is the experimental probability for your
chosen scenario?
6. Using the table you created in number 4, what is the experimental probability for NOT
achieving your chosen scenario? Ex: What is the probability of “Not Heads”? What is the
probability of “Not rolling a 2”, etc.
7. Does your theoretical probability match your experimental probability?
8. Complete research on WHY your probabilities might not match or why they might match. *Be
sure to cite your source*
9. Using the concepts learned this week, what do you think would happen if you did 1,000
trials? *Be sure to cite your reading*
