Banks have charged debit card fees of 44 cents for each transaction, on average. teh federal reserve in june 2015 agreed to cut the fees to a maximum of 24 cents. This cut was a savings for consumers but a loss of revenue banks. The new limit is expected to cost the banks about $6.6 billion in revenue a year. Use the savings per transaction above to calculate the number of debit card transactions in a year.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Banks have charged debit card fees of 44 cents for each transaction, on average. teh federal reserve in june 2015 agreed to cut the fees to a maximum of 24 cents. This cut was a savings for consumers but a loss of revenue banks. The new limit is expected to cost the banks about $6.6 billion in revenue a year.
Use the savings per transaction above to calculate the number of debit card transactions in a year.
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