Answer: it will take 17.5 years to double his money in the account.
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $500
A = 500 × 2 = $1000
r = 4% = 4/100 = 0.04
n = 4 because it was compounded 3 times in a year.
Therefore,.
1000 = 500(1 + 0.04/4)^4 × t
1000/500 = (1 + 0.01)^4t
2 = (1.01)^4t
Taking log of both sides, it becomes
Log2 = 4tlog 1.01
0.301 = 4t × 0.0043 = 0.0172t
t = 0.301/0.0172
t = 17.5 years
Simplifying the expression would give you 1/m^18
Answer:
On average the carnival gain on each play
= 0.04 dollars
Step-by-step explanation:
Given that a pond contains 100 fish: 78 purple, 21 blue, and 1 silver.
Fish Purple Blue Silver total
Frequency 78 21 1 100
Prob 0.78 0.21 0.01 1
Revenue 0.4 0.8 13
game fee 0.65 0.65 0.65
Net revenue -0.25 0.15 12.35
Net Rev*Prob -0.195 0.0315 0.1235 -0.04
Thus we get per player expected net revenue is -0.04
This would be gain for Carnival
Hence On average the carnival gain on each play
= 0.04 dollars
The last model,
It represents 8/10 or 4/5 which is greater than 3/5
