8 Essential Math Formulas Every Social Science Student Should Know for Daily Life

1. Percentage Calculation: Percentage = (Part / Whole) * 100. Useful for understanding proportions, discounts, and changes in data.

2. Mean (Average): Mean = Sum of Values / Number of Values. Helps find the central tendency of a dataset, like average income or test scores.

3. Median: The middle value in a data set arranged in order. Useful for understanding the central tendency when data is skewed by outliers.

4. Standard Deviation: Measures how spread out data is from the mean. Important for understanding variability and reliability of data.

5. Simple Interest: Simple Interest = (Principal * Rate * Time) / 100. Helps calculate basic interest earned or owed on loans or investments.

6. Compound Interest: Compound Interest = Principal * (1 + Rate / n)^(n*Time) - Principal (where n is the number of times interest is compounded per year).

7. Linear Equation (y = mx + b): Useful for understanding relationships between two variables and predicting trends (where m is the slope and b is the y-intercept).

8. Probability: Probability = Number of Favorable Outcomes / Total Number of Outcomes. Helps assess likelihoods and make predictions, especially in surveys and behavioral studies.