Example: Profit = Selling Price - Cost PriceWhere; profit is the excess funds obtained after buying and selling a product.Cost price is the money paid to obtain the product.And selling price is the money received in exchange for the product.7. Using the formulas you would obtain, determine the probability of the follow:i. The bag contains 60 marbles: 45 green and 15 red.a. What is the probability of drawing a green marble?b. What is the probability of drawing a red marble?c. If 15 green marbles are removed from the bag, what is the chance now of drawing agreen marble?d. What is the chance of drawing yellow marble?e. What is the probability of drawing either a green marble or a red marble?ii. A card is chosen from a standard pack of 52 cards. What is probability that the card is:a. An Aceb. A red cardc. A spaded. A red kinge. A jack of clubsf. A black Diamondiii.If a letter is taken at random from the words MATHEMATICS OLYMPIAD, what isthe probability that:a. It is a vowel.b. It is a Mc. It is an Od. It is a T 1. In statistics the term frequency is normally thrown around, especially relating to tables andcharts. Explain the term frequency in statistics as well as the concept of cumulativefrequency.2. As mentioned above, tables and charts are used to illustrate data in statistics. Some of thecommon tables and charts used are tally charts, cumulative frequency table, bar/ columnchart, histogram and pie chart.3. Using these numbers17 17 19 12 13 16 17 14 14 11 14 17 18 16 14 14 17 13 18 19 18 14 12 19 17 11 19 13 15 17 1515 17 12 17 13 16 12 16 13 13 11 12 11 16 13 15 16 13 13ExampleClass111213141516a. Construct firstly a tally chart and cumulative frequency table with the classeslabelled (11, 12, 13, 14, 15, 16, 17, 18, 19)171819Tallyb. Using either your tally chart or cumulative frequency table, construct a horizontalbar chart, a histogram, and a pie chart to illustrate the data.4. Statistics also delas with the likelihood of a particular outcome happening, this is termedprobability. In your own words, explain the concept of probability.5. Some words associated with probability are; Sample space, Event (relating to probability),Equally likely events, Impossible event and certain event. Define each one, providing anexample to aid with your definition.6. In probability two formulas are mainly used; 1. formula to find the probability of an eventoccurring and 2. the formula to find the probability of an event not occurring.

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