Suppose Marcus invests $750 at an annual rate of 6.25%. How long will it take until Marcus earns $125 in simple interest?
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Answer:
Step-by-step explanation:
I will illustrate this solution with a unique birthday party situation between Jane (the celebrant) and her 10 friends.
In the said party , we will assume that Jane only has 5 chocolates to share among her friends
i. Assuming that the 5 chocolates are of the same type, if she doesn't want to give any friend more than one piece of chocolate, the situation here is said to be WITHOUT REPLACEMENT & UN-ORDERED
n = 10 and k = 5
Total number of possible combinations becomes,
ii. Assuming that the 5 pieces of chocolate are of the same type and she is willing to give a friend more than one piece of chocolate, the situation is said to be WITH REPLACEMENT & UN-ORDERED
n = 10 and k = 5
Total number of possible combinations becomes,
iii. Assuming that the 5 pieces of chocolate are of different types and she isn't willing to give any friend more than one piece of chocolate, the situation is said to be WITHOUT REPLACEMENT & ORDERED
n = 10 & k = 5
Total number of possible combinations becomes,
iv. Assuming the the 5 pieces of chocolate are of different types, if she is willing to give a friend more than one piece of chocolate, the situation is said to be WITH REPLACEMENT & ORDERED
n = 10 AND k = 5
Total number of combinations becomes
Sampling with replacement means that one friend can be sampled more than once i.e: A friend receives a piece of chocolate more than once
The order dictates how the sampling is applied.