1. OBJECTIVES 1-2 Travel Expenses-1
Banking
12/25/2017
1-2 Travel Expenses-1
OBJECTIVES
Determine and interpret cumulative frequency. Determine and interpret relative frequency. Determine and interpret relative cumulative frequency.
Chapter 1

2. OBJECTIVES 1-2 Travel Expenses-2
Banking
12/25/2017
1-2 Travel Expenses-2
OBJECTIVES
Model a situation using a spreadsheet. Determine and interpret percentiles.
Chapter 1

3. Key Terms cumulative frequency relative frequency spreadsheet cell
relative cumulative frequency
percentile
percentile rank

4. What will it cost to get there?
What costs are involved in traveling?
How can you plan for and budget for these expenses?

5. Example 1
How many of the trips listed in the Summer Travel table (frequency distribution table) on page 14 were less than 1000 miles?

7. Example 1 CHECK YOUR UNDERSTANDING
How many trips less than 500 miles in length were taken?

8. Means totally or gradually building up.
Cumulative Frequency
Cumulative
Means totally or gradually building up.
Cumulative frequency
Is found by adding up all successive frequencies in a frequency distribution table

9. Cumulative Frequency
The cumulative frequency is a running total of frequencies through the classes of a frequency distribution.

10. Relative Frequency
The relative frequency is the proportion of the total frequency that is any given class interval in a frequency distribution.

11. Cumulative Relative Frequencies
The cumulative relative frequency is a running total of the relative frequencies through the classes of a frequency distribution.

12. Example 2
The Flyt Travel website reported the following airfare booking expenses for the week of July 4th. What proportion of the tickets sold had a cost greater than or equal to $400 and less than or equal to $499.99?

14. Percent
The word percent comes from the Latin per centum, meaning “per hundred.”
A percent is a ratio of some number to 100.

15. To Change a Fraction to a Percent
1. Divide the numerator by the denominator to obtain a decimal number.
2. Multiply the decimal number by 100 (which has the effect of moving the decimal point two places to the right).
3. Add a percent sign.

16. Example 1: Converting Fractions to Percents
Change each of the following fractions to a percent.

17. Example 1: Converting Fractions to Percents
Solution

18. Example 1: Converting Fractions to Percents
Solution

19. Example 1: Converting Fractions to Percents
Solution

20. Example 2: Converting Decimal Numbers to Percents
Change each of the following decimal numbers to a percent.
a) b) c)

21. Example 2: Converting Decimal Numbers to Percents
Solution

22. Example 2 CHECK YOUR UNDERSTANDING
What percent of the total number of bookings fall within the range of $700–899.99?

24. Example 3
Write the spreadsheet formula that would find the sum of the relative frequencies and enter that calculated amount in cell C12.

25. Example 3 CHECK YOUR UNDERSTANDING
Suppose that you wanted to add a fourth column that expressed the relative frequency as a percent. What formula would you enter into cell D2?

26. Example 4
Extend the relative frequency table on page 16 to determine the percent of the Flyt Travel bookings that are below $600.

27. Example 4 CHECK YOUR UNDERSTANDING-1
What does in the relative cumulative frequency column represent?

28. Example 4 CHECK YOUR UNDERSTANDING-2
Rounded to the nearest whole number, what percent of bookings fell between $700 and $999.99?

29. Percentile Scores which divide distributions into specific proportions
Percentiles = hundredths
P1, P2, P3, … P97, P98, P99
Quartiles = quarters
Q1, Q2, Q3
Deciles = tenths
D1, D2, D3, D4, D5, D6, D7, D8, D9
Psy Cal State Northridge

30. - 50%
50% -
Lowest Data
Value
Median
50% value
Highest Data
Value
Quartiles
25%
25%
25%
25% Q1 Q2 Q3
Deciles 1/10
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

31. A Percentile is a statistical measure used to compare data.
It indicates what percent of the frequency total appears at or below a particular number.
A percentile rank is the percentage of numbers that fall at or below a given number in the list.
The median is often referred to as the 50th percentile.
Percentile ranks are usually written to the nearest whole percent.
Psy Cal State Northridge

32. Example 5
Most cities have some form of taxicab services for short-distance trips. Usually the cab fares are either a flat fee for a specified distance or a metered fee. The metered cabs often start with an initial fee and then charge a fixed rate per fraction of a mile driven. In many cities, wait time and number of stops often affect the fare as well. The website taxifarefinder.com offers a ranking of cities by the cost of a hypothetical taxi trip of a given duration and distance. Of the top 80 most expensive cities, these are the initial cab fees in ranked order: What is the percentile rank of a $3.00 initial cab fee?

34. Example 5 CHECK YOUR UNDERSTANDING
Determine the percentile rank for an initial fee of $2.85.