MTH 105 Project 8a

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Eastern Gateway Community College *

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105

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Mathematics

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Jan 9, 2024

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docx

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MTH 105 Fall 2023-Project # 8 Finances Name: _________________________________________________ Must show calculations/formula for credit. Any answer given with no calculations/descriptions of how arrived at answers shown will result in no credit for that answer. If utilizing excel must state/describe your formulas used and your inputs I strongly suggest you use excel for this project. The calculations are accomplished much simpler, quicker, and more accurate than doing the formulas by hand. The video embedded in your Canvas course provide a step-by-step process of how to go about it. 1. The following chart is data over an 8-month period that shows how much a company spent in advertising and the sales revenue for that month MONTH ADVERTISING $ SALES $ March 900 56000 April 2700 89200 May 3150 98500 June 1300 54000 July 3400 97000 Aug 1500 56000 Sept 2300 93000 Oct 2250 79000 a. What is the correlation coefficient? (round to 2 decimals) Describe how you utilized excel to arrive at this number (recommended) or show the formula you utilized to arrive at this answer *2 points b. Is it a positive or negative correlation? *1 point

c. Would you say it is a strong correlation, weak correlation, or no correlation? What is the indicator that led you to that conclusion? *2 points d. What is the linear equation (y = mx + b form) that best approximates the relationship between advertising dollars spent(x) and sales revenue(y) based on the above 8 months of data? (round to 2 decimals for the slope and the y intercept) Describe how you utilized excel to arrive at this equation (recommended) or show the formula you utilized to arrive at your equation *3 points e. What sales revenue would the company expect for the following advertising spending? Round to nearest cent. Show calculations. *6 points i. 3000 ii. 2100 iii. 1300

f. If you were in charge of the advertising department how much would you spend on each of the next 4 months on advertising and how and why did you arrive at your decision? Please give a brief explanation as to how and why you came up with your advertising spending for the 4 months. *5 points November- January- February- March- Example: You want to buy a $18,500 car. The company is offering a 3% interest rate for 4 years. What will your monthly payments be? I will do this one for you and show you how I want you to describe your formula/inputs in excel if that is how you choose to go about solving problems 4 through 7 - which I strongly recommend. If you choose to perform the calculations by hand show the formula used with values. Excel: Formula used: PMT Rate input: .03/12 NPer input: 4*12 Pv input: 18500 Answer: $409.49 per month 2. You want to buy a $ 22,500 car. The company is offering a 4% interest rate for 5 years. a. What will be your monthly payments? Round to the nearest cent. *5 points

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