Numeracy 2 Assignment: Analysis of Numeracy Concepts and Skills

This Numeracy 2 assignment solution covers various concepts including the laws of indices, root laws, and their applications. It provides solutions to problems involving simple, compound, semi-annually, and quarterly compound interest calculations. The assignment further explores the conc...Read More

NUMERACY 2

SECTION 1
Question 1
a. Three laws of indices
1. First law: This rule of indices where fractional value of one digit is to be added with power of
another digit in the problem statement. For applying this rule of law, base of different fractional
values must be same. If base differs then this stated first rule cannot be applied for performing a
proper calculation (Weller and et.al., 2013).
2. Second law: In accordance with second rule of indices, values with power are stated in
dividing form. At this position fractional values are to be subtracted with each another. After
subtracting whatever power remains is used in order to determine final value or outcome of the
problem.
3. Third law: At the last, digits represented in brackets along with double power. In order to
make solution using third law, inner and outer power are multiplied with each other and then
used for deriving outcome.
b. Solution of laws
1. First law:
9^4 * 9^3
= 9^4+3
= 9^7
2. Second law:
9^ 4 / 9^3
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= 9^4-3
= 9^1
3. Third law:
(9^4)^2
= 9^4*2
= 9^8
c. Analysis
1. First law: It can be reviewed from first rule that, powers are added of all the digits which are
there in problem. Bas need of this is that, digits with fractional value must be same which should
not differ at any cost. Total power is increased when this rule of indices is applied.
2. Second law: Herein, various digits with power are in form of dividing and due to this specific
nature fractional values are subtracted. Moreover, total power of same digits are reduced due to
subtracting rather than adding (Fraction, 2017).
3. Third law: In this kind of indices rules, powers are multiplied and due to this number of total
fractional enhances. Therefore, outcome of problem as per this rule is the highest as compared to
above stated two laws.
Question 2
a. Three examples of root laws
1. Square root: √49 = 7 (7×7)
2. Cube root: 3√343 = 7 (7×7×7)
3. Fourth root: 4√2401 = 7 (7×7×7×7)
b. Analysis
1. Square root: In accordance with this law of root, given digit in problem statement multiplied
with the same up to two times. Further, multiplication of the same value with its own is
considered under square root.
2. Cube root: Here, digit is to be multiplied with the same up to three time for calculating cube
root. Before the sign of root “3” is shown which is one kind of symbol of cube root in numeracy.
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3. Fourth root: As per this rule of root, multiplication of particular one digit or value is done up
to four times (Geary and et.al., 2013). Outcome of this rule is one of the highest as compared to
other two laws. Further, before symbol of root digit “4” is reflected.
c. Scientific notation
A terminology where big numbers or large digits are shown in very short is considered as
scientific notation in numeracy. In this after the first digit in provided number decimal point is
putted and then power is mentioned (Schwämmle, León and Jensen, 2013 ). This conversion is
stated below along with hypothetical example:
Scientific notation of 73,00,000 = 7.3 * 10^6
Weeks 1-2
Question 3
a. Simple interest
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b. Annually compound interest
c. Semi-annually compound interest
d. Quarterly compound interest
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Question 4
a. Time required to make investment amount double
In order to make principle amount i.e. 80000, 15.8 years or 15 years 8 months will be
needed.
Considering to rule of 72, initial investment will double within 16 years i.e. 72 / 4.5.
b. Computation of compound interest rate
As per the above stated calculation, in order to make balance of 9751.96 GBP from 8000
GBP within 10 years, 2% interest rate will be required.
Weeks 3-4
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Question 5
This section is related with linear relationship where I have not any kind of idea about
this. The only thing which is known by me about this concept is that, linear programming reflects
relationship among two data set or variables at the workplace and in problem statement.
According to below stated skills audit it can be seen that, I cannot make solution of problems
which are relating with linear programming. Apart from this, I am unable to understand about y-
intercept as well as gradient which are associated with linear graph. Further, I cannot use scatter
plot for deriving linear relationship among the variables. Due to such all the problems and lacks
problems given in this question are not attempted.
Week 5
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Question 6
a. Computing NPV
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b. Advising ATOB Trading Limited Company
In accordance with decision rule of NPV, when project has positive NPV then accepted
and project with negative value is rejected. From the above calculation it can be visualised that
NPV of the project is worth of -9631 GBP which is negative. Henceforth, it can be recommended
to management of ATOB Trading Limited enterprise that, it should not accept the project and not
need to make investment in this.
Week 6
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Question 7
a. Preparing tally of data set
b. Drawing histogram
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c. Comment on marks distributed
Average marks = ∑FX / ∑F
= 1735 / 25
= 69.4
Considering to the calculation it can be commented that, on an average 69.4 marks are
obtained by students among 100. Further, total 7 pupils come into consideration between total 25
students.
Week 7
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Question 8
a. 4 real life illustrations at where probabilities may be applied
In life of each and every human probability supports to estimate and assume some risks
as well as values. Therefore, possible solutions can be made with proper predictions. Some
illustrations regarding real life are explained below:
 For assuming about the weather that there will be either hail or rain or snow in next or
upcoming times this specified technique is considered.
 In the sports' industry, athletes as well as coaches consider wide range of tactics and
strategies. For determining one of the effectual and best method they use probabilities.
 In order to assess the best alternative among wide range of insurance policies also people
apply this stated method.
 At the end under the games as well as several recreational programmes also people
usually consider probabilities.
b. Value of X
Probability is always 1 which reflects 100% where total of several options and
alternatives must be 1. For the current case value of X is stated below:
X+0.20+0.10+X+0.30 = 1
0.60X^2 = 1
X^2 = 1-0.60
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X^2 = 0.40
X = 0.40/2
X = 0.20
c. Number of times
As per the case scenario, total 5 spinner taking chance 100 times on an equal basis up to 4
times. Further, probabilities of each spinner is computed below:
Probability of each spinner = 100 times / 5 spinner
= 0.20 probability
d. Symmetry characteristics of probabilities
 It reflects middle or median value of the available data set along with outcome of an
arithmetic mean.
 It is one kind of unimodal in which median and arithmetic values are coincided by
statistical tool mode.
 Every kind of central values rely in odd nature which are equal to zero because of having
negative values (Kastner and et.al., 2014).
 Each and every value which comes under skewness are considered balanced to zero in
symmetry model of probabilities.
Week 8
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SECTION 2
Task 1: Two examples of real life
 At the time of buying new machine at the workplace of business environment of my
enterprise I considered NPV technique. With the help of this I able to purchase one of the
best machine among available three alternative of same cost.
 Apart from this, while investing money in bank I used concept of simple and compound
interest. By applying these tools and computing amount of interest I get fair and proper
value from the bank at where I invested money.
Task 3: Reflective log
Looking at the skills audit it can be assessed that, I feel very free as well as the most
confident about some concepts and techniques of numeracy. For performing calculation about
interest rates as well as NPV I not feel any kind of difficulties. The reason is that relating to these
areas I have proper and adequate knowledge. Apart from this, about the powers as well as
different roots also I not faced issues and problem at the time of making computations. Among
these all, about NPV concept I am the most and highly confident up to the higher extent.
However, I am not able to perform calculations of probabilities in proper and appropriate
manner. Very simple and easy problems of this aspect are computed but cannot determine
outcome of complex problems. In addition to this, I have not idea about the linear relationship in
proper way. Due to this, I cannot perform any single calculation related with linear equation
which is another major lack available in me. Considering to this analysis, improvement is needed
in probabilities and linear programming both up to the higher level. The reason is that, it will
help to me for enhancing my knowledge and skills about numeracy 2.
It was the great and profitable experience of my behind attending classes of numeracy 2
on consistent basis. Due to lack of these kinds of initiatives can affect proper learning skills and
derive appropriate kind of knowledge. It can be evaluated contributing in class is one of the best
and profitable as compared to independent study.
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REFERENCES
Books and Journals
Geary, D. C. and et.al., 2013. Adolescents’ functional numeracy is predicted by their school
entry number system knowledge. PloS one. 8(1). p. e54651.
Kastner, E. and et.al., 2014. High-throughput manufacturing of size-tuned liposomes by a new
microfluidics method using enhanced statistical tools for characterization. International
journal of pharmaceutics. 477(1). pp. 361-368.
Schwämmle, V., León, I. R. and Jensen, O. N., 2013. Assessment and improvement of statistical
tools for comparative proteomics analysis of sparse data sets with few experimental
replicates.Journal of proteome research. 12(9). pp. 3874-3883.
Weller, J. A. and et.al., 2013. Development and testing of an abbreviated numeracy scale: A
Rasch analysis approach. Journal of Behavioral Decision Making. 26(2). pp. 198-212.
Online
Fraction. 2017. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/fraction>.
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