The following are the loans granted by a commercial bank to different categories of individuals. Use the information to answer the questions that follow: Bankers $8,000, Farmers $8,000, Miners $7,000, Retailers $5,000, Tailors $4,000 Teachers $6,000, Drivers $4,000, Fishermen $3 000.
(a) Arrange the information in the form of a table grouping the individuals into: (i) Primary sector; (ii) Secondary sector; (iii) Tertiary sector.
(b) Express the loan to each sector of a ratio of the total loan granted
(c) Present the total loans granted to the sectors in a simple bar chart, (Use of graph sheet is essential)
(a) Grouping of borrowers by sector of production. The primary sector extracts raw materials from nature; the secondary sector processes them into finished goods; the tertiary sector renders services.
| Sector | Individuals | Loan ($) |
|---|
| Primary | Farmers, Miners, Fishermen | 8,000 + 7,000 + 3,000 = 18,000 |
| Secondary | Tailors | 4,000 |
| Tertiary | Bankers, Retailers, Teachers, Drivers | 8,000 + 5,000 + 6,000 + 4,000 = 23,000 |
| Total | | 45,000 |
(b) Loan to each sector as a ratio of the total loan (total = \(\$45,000\)):
- Primary : \( \dfrac{18000}{45000} = \dfrac{2}{5} \)
- Secondary : \( \dfrac{4000}{45000} = \dfrac{4}{45} \)
- Tertiary : \( \dfrac{23000}{45000} = \dfrac{23}{45} \)
Combined, the ratio Primary : Secondary : Tertiary \(= 18 : 4 : 23\).
(c) Bar chart. On a graph sheet, place the three sectors on the horizontal axis and the loan amount (in $) on the vertical axis, choosing a scale such as \(2\text{ cm} = \$5,000\). Draw three separate bars of equal width but unequal height: Primary up to 18,000, Secondary up to 4,000 and Tertiary up to 23,000. Title the chart and label both axes clearly.
(a) Grouping of borrowers by sector of production. The primary sector extracts raw materials from nature; the secondary sector processes them into finished goods; the tertiary sector renders services.
| Sector | Individuals | Loan ($) |
|---|
| Primary | Farmers, Miners, Fishermen | 8,000 + 7,000 + 3,000 = 18,000 |
| Secondary | Tailors | 4,000 |
| Tertiary | Bankers, Retailers, Teachers, Drivers | 8,000 + 5,000 + 6,000 + 4,000 = 23,000 |
| Total | | 45,000 |
(b) Loan to each sector as a ratio of the total loan (total = \(\$45,000\)):
- Primary : \( \dfrac{18000}{45000} = \dfrac{2}{5} \)
- Secondary : \( \dfrac{4000}{45000} = \dfrac{4}{45} \)
- Tertiary : \( \dfrac{23000}{45000} = \dfrac{23}{45} \)
Combined, the ratio Primary : Secondary : Tertiary \(= 18 : 4 : 23\).
(c) Bar chart. On a graph sheet, place the three sectors on the horizontal axis and the loan amount (in $) on the vertical axis, choosing a scale such as \(2\text{ cm} = \$5,000\). Draw three separate bars of equal width but unequal height: Primary up to 18,000, Secondary up to 4,000 and Tertiary up to 23,000. Title the chart and label both axes clearly.
