Answer:
n = 22
Step-by-step explanation:
We will use the formula for the present value of an ordinary annuity :
where P = periodic payment
r = rate per period
n = number of periods
Given P = PMT = $400, P.V. = $8,000, i = 0.01, and we have to find n.
Now we put the values in the formula
After rearranging we have
= 1 - 0.2
= 0.8
Taking log on both sides
-n log 1.01 = log 0.8
= 22.4257
Therefore, n = 22
So there are total 22 payments
Answer:
0.00457 or 0.457%
Step-by-step explanation:
Glen Davis makes a free throw 74% of the time, meaning he misses 26% of the time. Four him to miss four in a row, it would require him to miss his first throw and his second throw and his third throw and his fourth throw. I highlight and because it is a helpful tip to remember that AND situations require multiplication while OR situations require addition.
So in this question we multiply the probabilities of him missing.
This answer has been rounded off to three significant figures