When I got home, I did a search to find out why the machines were gone and ran across a story from Global News. It turns out that TD Bank had decided to retire all the coin counting machines in Canada in the wake of reports from the U.S. that the machines were shortchanging customers. In a segment on the Today Show called 'Rossen Reports', a team investigated the accuracy of a number of Coinstar machines as well as coincounting machines at various branches of TD Bank. The team tested the accuracy of the machines by carefully preparing bags filled with exactly $300 worth of pennies, nickles, dimes and quarters. They then used the machines to see how close their count was to $300. The Coinstar machines all checked out with the correct $300 total. The TD Bank machines did not fare so well. The totals on the machines tested at 5 different branches were: $299.95, $299.47, $299.30, $296.27 and $256.90. None of the machines returned an accurate $300 count. I don't think that machines can really be "100% accurate" all the time. What level of accuracy do you think is acceptable from a coincounting machine? How much time does it take to roll $300 worth of coins and how much is your time worth? I would probably accept $299.95 for the convenience of not having to roll that many coins. I would be a bit more hesitant to accept $296.27 and definitely would not accept $256.90. While the TD Bank machines were free for customers, in Canada, Coinstar machines apply a coin counting fee of 11.9 cents per dollar. For the $300 counted in this test, the fee would have been $35.70. That is a pretty hefty fee. Questions and EstimationsAccording to a class action lawsuit filed in New York in April 2016, TD’s coincounting machines processed 29 billion coins in 2012. Based on this figure and the data collected by the Rossen Report, how much money do you think customers lost? What factors did you consider when making this estimate? How would you design an experiment to test the accuracy of TD's coin counting machines? Would you test lots of different machines or a few machines multiple times? How many trials would you run to be confident in your results? What factors might contribute to the errors discovered in these machines? Nova Scotia Mathematics Curriculum Outcomes Mathematics 11 S02  Interpret statistical data, using: confidence intervals, confidence levels and margin of error. Mathematics 11 S03  Critically analyze society’s use of statistics. Grade 9 SP03  Students will be expected to develop and implement a project plan for the collection, display, and analysis of data by: formulating a question for investigation; choosing a data collection method that includes social considerations; selecting a population or a sample; collecting the data; displaying the collected data in an appropriate manner; drawing conclusions to answer the question. Grade 7 SP06  Students will be expected to conduct a probability experiment to compare the theoretical probability (determined using a tree diagram, table, or other graphic organizer) and experimental probability of two independent events. EL
0 Comments
Leave a Reply. 
Archives
February 2019
Categories
All
