8/26/24

Section 1.2 - Estimating and Evaluating

Definition
●​ To estimate means to make an appropriate calculation or to roughly judge the value of a
quantity
○​ Not a “shot in the dark”
○​ A guess based on the best information you have, aimed at being as accurate as
possible.

Remarks
●​ Not all estimations can be found easily with books, articles, internet, etc.
●​ Estimates must be reasonable!
●​ Consider how precise your estimate should be

Tips For Estimating

1.​ Start with something you know about the topic or the closest thing you know to the topic.
2.​ Have a rough order of magnitude (how big or small something is). For example, will
something take 5 days, 5 weeks, or 5 years.
3.​ Use past experiences to find context.
4.​ Break the original question into simpler questions.
5.​ Round numbers to make calculations easier.
6.​ Sample a small area and scale it up by multiplying.

Example
​ Determine which piece of information would be most useful to know to make the
estimation. Then estimate an appropriate order of magnitude

(a)​ Estimate the depth of the deepest known point of the ocean.
1.​ The height of the tallest mountain because the magnitudes of the highest lowest
points on earth are likely close in size.

(b)​ Estimate the weight of an empty commercial passenger jet.

2.​ The weight of an empty school bus because they likely use less steel than a train
so we can multiply the weight of a bus by some whole number to get the weight
of a jet plane.
8/28/24
Section 5.1 - Linear Equations and Functions

Why do we care about algebra?

●​ There are many real world situations that involve variables

Definitions
●​ An equation is a mathematical statement that consists of two algebraic expressions
joined by an equal sign which indicates that both sides are equal.
●​ A linear equation is an equation in which all variables have a power of 1.
○​ Ex: y = x + 3

Notice from the motivating example that as X (the # of people) increases, so does Y (the cost).
Hence, X is the independent variable and Y is the dependent variable.

Definition
●​ The value of the dependent variable changes with respect to the value of the
independent variable.
●​ The value of an independent variable does not rely on the values of the other variables
in an expression or function, and its value determines the value of the other variables.

Steps for Solving a Linear Equation

1.​ Clear the equation of fractions and decimals by multiplying both sides of the equation by
the least common denominator.
2.​ Simplify the expressions on both sides by clearing the equations of parentheses. Repeat
step 1 if fractions or decimals remain; otherwise move on to step 3.
3.​ Simplify the expressions on both sides by combining like terms.
4.​ Isolate the variable on one side of the equation.
5.​ Make the variable coefficient equal to 1.

There are 3 types of linear equations:

●​ One solution - there exists only 1 number that makes the equation true.
●​ No solution - no number exists that makes the equation true.
○​ x = x + 1
●​ Infinitely Many Solutions - any number can make the equation true.
○​ x - 1 = x - 2 + 1
9/9/24
(write notes you missed later)

Definition
●​ A quadratic equation in x is written in standard form as
○​ ax2 + bx + c = 0
●​ where a, b, c are numbers and a doesn’t equal 0

There are a variety of techniques that can be used to solve a quadratic equation (factoring,
completing the square), but these don’t always work or are very complicated

Quadratic Formula:

Recall that linear equations model lines, while quadratic equations are modeled by parabolas.

Definition
●​ The graph of a quadratic equation is called a parabola. It is symmetrical and u-shaped
around a vertical line.
●​ The vertex of a parabola is the extreme point representing the quadratic equation’s
minimum or maximum value. It occurs at the point (-b/2a, y), given that ax^2 + bx + c = y.
9/16/24
Section 5.7 - Exponential and Logarithmic Functions

-​ Not every real-world situation can be modeled by a linear or quadratic function.

-​ Population growth (animals, bacteria, etc.), spread of a virus, or a meme can all
be modeled by exponential functions.
-​ Dispersion of energy (the strength of an earthquake), how loud music is at a
distance, even intensity of light from a distant star can all be modeled by
logarithmic functions.

Definition
●​ An exponential function is of the form:
○​ f(x) = abx
●​ Where b > 0, can’t equal 1, a is the initial value, and x is a real number.

Remark: Unlike a polynomial, an exponential function has the variable in the exponent, NOT the
base.

Definition
●​ The expanded form of an exponential function is a function of the form f(x) = a(1 + r)x,
where a is the initial value, r is the rate of change, and x is any real number.

The frequency of a music note in relation to a specific note is modeled by the following function.
F(x)=F0(1.059463)x

Definition
●​ If b^x = a, then the logarithm with a base base b of a is x. Symbolically, we can express
this exponential as an equivalent logarithm:
○​ logba = x
●​ Where b > 0, can’t equal 0, and a > 0.

To get rid of a logarithm, use an exponential of the same base.

The formula for comparing the magnitude of two objects, m1 and mref, is given by

m1−mref=−2.5log10(l1/lref)

where m1 and mref are the magnitudes for a star m1 and a reference star mref. The luminosities
of the stars, which is the amount of energy they emit from their surfaces, are l1 and lref.
9/23/24
Section 6.1 - Understanding Interest

Definitions
●​ The amount charged by a lender for borrowing money is interest.
●​ The principal is the sum of money on which interest is based.
●​ The interest rate is the percentage of the principal that is charged to the borrower
●​ The annual percentage rate (APR) is the yearly interest rate that is charged for
borrowing money, including fees. APR us usually given as a percentage per year.

There are 2 kinds of interests:

●​ Simple
○​ Charged on the original principal amount only.
●​ Compound
○​ Compound interest is calculated more than once and is computed on the original
amount plus any previously earned interest.

The amount of simple interest earned on a loan is calculated with:

I = Prt
Here, P = principal, r is the APR written as a decimal, and t = length of time of loan.

The future value for simple interest is given by:

A = Principal + Interest
= P(1 + rt)

Using compound interest, future value is calculated with the following formula.
A = P(1 + r/n)nt
P = principal amount, r = APR as a decimal, t = length of time of loan, n = number of times
interest compounded per year.
9/25/24

Continuously Compounding Interest: A = Pert

9/30/24
Section 6.2

Recall
●​ Compounded interest: A = P(1 + r/n)nt

Present Value w/ Compound Interest:

●​ A/(1 + r/n)nt

Definition
●​ An annuity is a sequence of regular payments made into an account, or taken out of an
account over time.

The Annuity Payment Amount (PMT) is given by:

●​ PMT = FV * [(r/n)]/[(1+r/n)nt - 1]
●​ FV = future value desired
●​ r = APR as a decimal
●​ n = # of times interest is compounded
●​ t = time in years

The future value (FV) of an annuity account is calculated with the following formula:
●​ FV = PMT * [(1 + r/n)nt - 1]/(r/n)

Exam 1 Review

5.1/5.2
●​ Slope Formula: m = [y2 - y1]/[x2 - x1]
●​ Slope-intercept Form: y = mx + b
○​ b is y-intercept
●​ Point-slope Form: y - y1 = m(x - x1)

●​ Parallel lines are lines that have the same slope

●​ Perpendicular lines are lines that have opposite reciprocal slope

5.6
●​ Quadratic formula: [-b +- √b2 - 4ac]/2a

5.7
●​ If bx = a, then logba = x
●​ Exponential Function: f(x) = abx
 ●​ Expanded Form of an Exponential Function: f(x) = a(1 + r)x
●​ Richter Scale: R = log(I/I0)

6.1
●​ Simple interest: I = Prt
●​ Future Value w/ Simple Interest: A = P + Prt or A = P(1 + rt)
●​ Compound Interest: A = P(1 + r/n)nt
○​ n is the # of compounding intervals per year. (ie if interest is compounded
monthly, n = 12)
●​ Continuously Compounded interest: A = Pert
○​ Inverse of e = ln
○​ ln(ex) = elnx = x
●​ Annual Percentage Yield: APY = (1 + r/n)n - 1
○​ Move decimal two places to the right to get percentage.
10/7/24
Section 6.2 Continued

401(k)
●​ Sponsored by Employers: Offered through employers.
●​ Contribution Limits: Higher annual contribution limits compared to IRAs (Individual
retirement account).
●​ Tax Treatment: Pre-tax contributions (taxed upon withdrawal) or after tax (Roth 401(k)
options may exist).
●​ Employer Match: Often included employer matching contributions.
●​ Withdrawal Penalties: Early withdrawals typically incur a 10% penalty.

Traditional IRA
●​ Individual Account: Opened by individuals, not employer sponsored
●​ Contribution Limits:

Roth IRA
●​

Contributions w/o interest

●​ PMT * t * n

Section 6.3 - Borrowing Money

Definitions
●​ A fixed installment loan is a loan with a fixed interest rate and loan payment.
Repayments are made in equal installments throughout the life of the loan.
●​ A down payment is a cash payment made up front towards the total purchase of the
goods or service.

The amount of regular payment (PMT) on a fixed installment loan is calculated with this formula
●​ PMT = (P * r/n)/[1 - (1 + r/n)-nt]
10/9/24
Section 6.3 Continued

Definitions
●​ An installment loan used for the purpose of buying a house or other real estate where
the property is used as collateral is called a mortgage.
●​ In a fixed rate mortgage, the interest rate remains constant throughout the loan period.
●​ In an adjustable rate mortgage (ARM), the interest is fixed for a period of time at the
beginning of the loan period, then it is allowed to fluctuate over time.
●​ A mortgage point is interest that is prepaid by the buyer to the lender and is equal to 1%
of the loan amount.

Open-Ended Loans (Revolving Credit)

●​ An open-ended loan, or revolving credit, is a pre-approved loan amount that may be
used by the borrower repeatedly. Interest is applied to any unpaid balance at the end of
the payment period.
●​ The maximum amount of an open-ended loan is called the credit loan.
●​ A grace period is a period of time in which no interest accrues on a debt.

Number Of Fixed Payments Required To Pay Off Credit Card Debt

●​ {-log[1 - (r/n)(A/PMT)]}/[log(1+r/n)]
10/16/24
Section 6.5 - Budgeting

Definition
●​ A budget is a financial plan for your income over a defined period of time.

Steps to Create a Budget

1)​ Calculate monthly income
○​ ex: paycheck, interest on savings, side gigs, etc.
2)​ Calculate monthly expenses
○​ ex: rent/mortgage, transportation, groceries, dining out, etc.
3)​ Subtract expenses from income
○​ Hopefully, you’ll have money to save leftover!
4)​ Allocate any remaining funds or make adjustments

Budgeting Goals
●​ A “good” budget will cover all your needs, some of your wants, and put you on a path for
saving for emergencies in the future. The 50/30/20 rule

50/30/20 Budgeting Rule

●​ The 50/30/20 rule for budgeting is to allow 50% of your net income for necessities, no
more than 30% for wants, and at least 20% for savings and paying down debt.
10/21/24
Section 7.4 - The Metric System

-​ The U.S. uses two systems of measurement:

1)​ The U.S. Customary System (continued from England at the founding of the
U.S.)
2)​ The Metric System

Definition
●​ A conversion factor is a fraction equal to 1 that contains different units in the numerator
and denominator.
○​ Ex: 1 foot = 12 inches. 1 foot/12 inches = 1

7.5 Shit

Temperature Formulas
●​ F = (9C/5) + 32
●​ C = [5(F−32)]/9
10/30/24
Section 10.1 - Probability

The probability of something occurring is between 0 and 1.

Definitions
●​ The probability of something occurring is a number between 0 and 1. It represents how
likely the event is to occur. If an event cannot occur, its probability is 0. If an event is
certain to happen, its probability is 1.
●​ A probability experiment, or a trial, is any process with a result determined by chance.
●​ Each individual result that is possible for a probability experiment is called an outcome.
●​ The sample space is the set of all possible outcomes of a probability experiment.
●​ The experimental, or empirical, probability is found by performing an experiment. The
way it is calculated is by dividing the number of times an event occurs by the number of
trials performed.
○​ P(E) = number of times E occured/number of trials

Cool Fact: The Law of Large Numbers is a mathematical law that says as the number of trials
increases, the experimental probability gets closer to the true probability.

Note: True probability does not require an event to occur.

11/4/24
Section 10.2 - Counting Outcomes

Definitions
●​ The Fundamental Counting Principle states that for an experiment with a sequence of n
stages where the first stage has k1 outcomes, the second stage has k2 outcomes, the
third stage has k3 outcomes, and so forth, the total number of possible outcomes for the
experiment is calculated as follows.
○​ (k1) * (k2) * (k3) * … (kn)
●​ When counting the outcomes in a sample space or event, we must consider whether
repetition of outcomes is permitted, also known as an experiment with replacement. If
each outcome can only be used once, it is an experiment without replacement.

●​ In general, n! (read “n factorial”) is the product of all the positive integers less than or
equal to n, where n is a positive integer.
○​ n! = n(n - 1)(n - 2)(n - 3) ... (2)(1)
○​ The expression 0! is defined to be 1.

Definitions
●​ A combination is a selection of objects from a group without regard to their arrangement;
that is, their order is not important.
○​ nCr = n!/[r!(n-r)!]
●​ A permutation is a selection of objects from a group where the arrangement is specific;
that is, their order is important.
○​ nPr = n!/[(n-r)!]
●​ In both formulas, r objects are selected from a group of n distinct objects, so r and n are
both positive integers with r </= n.

Permutations with repeated objects

●​ The number of distinguishable permutations of n objects, of which k1 are all alike, k2 are
all alike, and so forth, is given by the following formula.
○​ n!/[(k1!) * (k2!) * (k3!) * … (kp!)]
11/6/24
Section 10.3 - Calculating Classical Probability Using Combinations

The chance of an event happening (P(E)) can generally be calculated by dividing the number of
outcomes where that event happens by the total number of potential outcomes.

(11/11/24 - Continued)

Definition
●​ The complement of event E, denoted by EC, consists of all outcomes in the sample
space that are not event E.
○​ By definition, if you combine the outcomes from E and the outcomes from EC, you
will have the entire sample space. That is, E + EC = S.
11/13/24
Section 10.4 - Addition and Multiplication Rules of Probability

So far we’ve calculated the probabilities of single events using counting methods and the idea of
complements to help us. But often, situations call for analyzing probabilities that involve
combinations of events. There are 2 categories of these situations to consider:
1)​ Event A or Event B happens
2)​ Event A and Event B happen

Definitions
●​ The Addition Rule of Probability states that the probability of event A happening or event
B happening is given by the following formula
○​ P(A or B) = P(A) + P(B) - P(A and B)
●​ Mutually exclusive events are events in which there are no outcomes in common.
○​ Ex: Rolling a 1 or a 6 on a single roll of a dice, going to Hawaii or Sweden for
your 1 week of vacation.
●​ The Addition Rule of Probability for Mutually Exclusive Events states that the probability
of event A happening or event B happening when A and B have no outcomes in
common is given by the following formula.
○​ P(A or B) = P(A) + P(B)
●​ Independent events are events where the result of one event does not influence the
probability of the other event happening.
●​ Dependent events are events where the results of one event influences the probability of
the other event happening.

Multiplication Rule for Probability of Independent Events

●​ If A and B are independent events, then
○​ P(A and B) = P(A) * P(B)
1 2 3 4 5 6

1 2 3 4 5 6 7

2 3 4 5 6 7 8

3 4 5 6 7 8 9

4 5 6 7 8 9 10

5 6 7 8 9 10 11

6 7 8 9 10 11 12
11/18/24
Section 11.1 - Statistical Studies

Definitions
●​ Statistics is the science of gathering, describing, and analyzing data
○​ Or: it is the actual numerical description of sample data

Conducting a Statistical Study

1.​ Design the study.
a.​ State the question to be studied.
b.​ Determine the population and variables.

Definitions
●​ A population is the particular group of interest in a statistical study.
●​ A variable is a value or characteristic that changes among members of the population.
●​ Data are the counts, measurements, or observations gathered about a specific variable
in a population in order to study it.
●​ A census is a study involving data obtained from every member of the population.
●​ A parameter is the numerical description of a particular population characteristic.
●​ A sample is a subset of a population from which data are collected in a statistical study.
●​ A sample statistic is the numerical description of a particular sample characteristic.
●​ An observational study observes existing data.
●​ An experiment generates data to help identify cause-and-effect relationships.
11/25/24
Section 11.1 - Continued

Definitions
●​ A representative sample is one that has the same relevant characteristics as the
population and does not favor one group of the population over another.
●​ A bias is a favoring of a certain outcome in a study.

Sampling Methods
●​ Random Sampling—Every member of the population has an equal chance of being
selected.
●​ Stratified Sampling (Quota Sampling)—A few members from each stratum (or group) are
randomly chosen.
●​ Cluster Sampling—All members from a few randomly chosen clusters (or groups) are
selected.
●​ Systematic Sampling—Every nth member of the population is chosen.
●​ Convenience Sampling—The sample is chosen because it is convenient for the
researcher.

Parts of an Experiment
●​ A treatment is a certain condition that is applied to a group of subjects in an experiment.
●​ Subjects are the people or things being studied in an experiment.
●​ Subjects in an experiment that consist solely of people are participants.
●​ The response variable is the variable in an experiment that measures any response to
the treatment.
●​ The explanatory variable is the variable in an experiment that causes the change in the
response variable.

Section 11.3 - Describing and Analyzing Data

Mean, Median, Mode

12/2/24
Section 11.3 - Continued

Definitions
●​ The range is the difference between the largest and smallest values in a data set, which
tells you the distance covered on the number line between the two extremes.
●​ An outlier is a data value that is extreme compared with the rest of the data values in the
set.
●​ A graph’s shape is skewed to the right when a majority of data fall on the left side of the
distribution.
●​ A graph’s shape is skewed to the left when a majority of data fall on the right side of the
distribution.
●​
●​ The standard deviation is a measure of how much we might expect a member of the
data set to differ from the mean.

○​ ∑ signifies to sum all the solutions of the numerator.

●​ Percentiles divide an ordered list into 100 equal parts and tell you approximately what
percentage of the data lies at or below a given value.
●​ Quartiles are values that divide an ordered list of data into four equal parts; equivalent to
the 25th, 50th, and 75th percentiles.
○​ Q1= First Quartile = 25th percentile; that is, 25% of the data is less than or equal
to this value.
○​ Q2= Second Quartile = 50th percentile; that is, 50% of the data is less than or
equal to this value.
○​ Q3= Third Quartile = 75th percentile; that is, 75% of the data is less than or equal
to this value.
○​ By definition, Q2 is the same as the median.
●​ The five-number summary is a numerical description of a data set that lists the minimum
value; the first quartile, Q1; the median or second quartile, Q2; the third quartile, Q3; and
the maximum value in order from smallest to largest.
●​ A box plot, or box-and-whiskers plot, is a graphical representation of a five-number
summary.
●​ The interquartile range is the range of the middle 50% of the data, given by​
 ○​ IQR = Q3 − Q1
○​ Where Q3 is the third quartile and Q1 is the first quartile.

Creating a Box Plot

1.​ Draw a horizontal (or vertical) number line that contains the five-number summary.
2.​ Draw a small line segment above (or next to) the number line to represent each of the
numbers in the five-number summary.
3.​ Connect the line segment that represents the first quartile to the line segment
representing the third quartile, forming a box with the median's line segment in between.
4.​ Connect the "box" to the line segments representing the minimum and maximum values
to form the "whiskers."