Justina and Frank, a couple, operate a joint account at ECOBANK Ghana Limited. Both have decided to obtain cash from an ATM (cash machine) located at University of Ghana Campus. They suspect that the rate at which they spend cash is influenced by the amount of cash they withdrew at their previous visit to the ATM. To help them understand this, they deliberately vary the amounts they withdraw. They record, for each visit to an ATM, the amount, GHS (y), withdrawn, and the amount of hours, x, until their next visit to an ATM. The table below shows the records for all their visits in hours and the corresponding amount they withdrew in each instance. Using microsoft excel, answer the questions that follow after the table.withdrawal12345678910Y4001001000110012001500200900800130X56621953309427048196214286 Using excel, provide a summary statistics for x and y (hint: mean, median, standard deviation, minimum and maximum values) and write short commentary on the summary statistics.Using excel, perform a scatter plot of the data and write a brief report on it.Using excel, perform a simple correlation on the data and write a brief comment on it.Using excel, perform a least square regression of Justina and Frank’s rate of spending cash (y) on the number of hours it takes them to visit ATM machine to withdraw cash (x).Comment on the sign and magnitude of the slope parameter.Suppose the amount of hours until the next visit to an ATM is zero, what is the amount of GHS that Justina and Franklin are expected to have in cash?Suppose further that amount of hours until the next visit to an ATM is expected to rise by 100 hours, how much money do you expect Justina and Franklin to withdraw?Based on your postulated relationship between amount withdrawn from an ATM and number of visits to ATM, advice the couple on what do to ensure prudent spending.

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Linear Algebra: A Modern Introduction

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ISBN:9781285463247

Author:David Poole

Publisher:David Poole

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Justina and Frank, a couple, operate a joint account at ECOBANK Ghana Limited. Both have decided to obtain cash from an ATM (cash machine) located at University of Ghana Campus. They suspect that the rate at which they spend cash is influenced by the amount of cash they withdrew at their previous visit to the ATM. To help them understand this, they deliberately vary the amounts they withdraw. They record, for each visit to an ATM, the amount, GHS (y), withdrawn, and the amount of hours, x, until their next visit to an ATM. The table below shows the records for all their visits in hours and the corresponding amount they withdrew in each instance. Using microsoft excel, answer the questions that follow after the table.

withdrawal	1	2	3	4	5	6	7	8	9	10
Y	400	100	1000	1100	1200	1500	200	900	800	130
X	56	62	195	330	94	270	48	196	214	286

Using excel, provide a summary statistics for x and y (hint: mean, median, standard deviation, minimum and maximum values) and write short commentary on the summary statistics.
Using excel, perform a scatter plot of the data and write a brief report on it.
Using excel, perform a simple correlation on the data and write a brief comment on it.
Using excel, perform a least square regression of Justina and Frank’s rate of spending cash (y) on the number of hours it takes them to visit ATM machine to withdraw cash (x).
Comment on the sign and magnitude of the slope parameter.
Suppose the amount of hours until the next visit to an ATM is zero, what is the amount of GHS that Justina and Franklin are expected to have in cash?
Suppose further that amount of hours until the next visit to an ATM is expected to rise by 100 hours, how much money do you expect Justina and Franklin to withdraw?
Based on your postulated relationship between amount withdrawn from an ATM and number of visits to ATM, advice the couple on what do to ensure prudent spending.

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