Let us look at the difference between modal value and expected value. We shall start by saying they are different, albeit close. Modal value refers to the mode, that is, the value that has the [...]

When Mr. Teng retired on 1 January 2018, he put a sum of 500 at the start of each month for groceries. Denote the amount of money that Mr. Teng has at the time years by . (i) The differential [...]