Renting a car costs $40 per day or $750 per month. renting daily is cheaper for a few days, but after how many days is it cheape
1 answer:
Renting a car on a monthly basis after 19 days makes it cheaper than renting on a daily basis.
How to solve such questions?
The key concept for solving such questions is by calculating the number of days on which both renting a car on a monthly basis equals renting a car on daily basis. So on the very next day as renting a car on daily basis still adds up the expense it will become costlier and renting a car on monthly basis makes it cheaper.
Given:-
Cost of renting car on a daily basis = $40
Cost of renting car on a monthly basis = $750
Let number of days on which both renting a car on a monthly basis equals renting a car on daily basis be x.
Therefore
40 × x = 750
x =
x = 18.75 days
From 19th day onwards cost of renting on a daily basis will exceed cost of renting car on a monthly basis.
Thus , Renting a car on a monthly basis after 19 days makes it cheaper than renting on a daily basis.
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Answer: (0.1658, 0.2742)
Step-by-step explanation:
Formula to find the confidence interval for population proportion is given by :-
, where n= sample size
z*= Critical value
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As per given , we have
Significance level :
According to z-table, Critical value for 99% confidence interval : z*=2.576
Let p be the proportion of people in the country that have red hair.
n= 388
Now, required confidence interval for proportion of people in the country that have red hair will be :-
The 99% confidence interval for the proportion of people in the country that have red hair= (0.1658, 0.2742)