Since we have a fixed number of trials (N = 25) and the probability of getting heads is always p = 0.05, we are going to treat this as a binomial distribution.

Using a binomial probability calculator, we find that the probability of obtaining heads from 8 to 17 times is 0.9567 given that the con is fair. The probability of obtaining any other value given that the coin is fair is going to be:

1 - 0.9567 = 0.0433

Since we are going to conclude that the coin is baised if either x<8 or x>17, the probability of judging the coin to be baised when it is actually fair is 4.33%

5 0

3 years ago

If the typical balance on Lucy's credit card is $650 and the interest rate (APR) on her credit card is 18%, how much in interest

mafiozo [28]

General Idea:

$Amount \; Charged \; in \; a \; Month \; = \; Monthly \; Interest \; Rate \; \times Typical \; Creditcard\; Balance\\ \\$

$Amount \; Charged \; in\; a\; month =\frac{18\%}{12} \times 650 \; = 0.015\times650=9.75$

Conclusion:

Amount of interest that Lucy to be charged in a typical month is <u>$9.75</u>

7 0

3 years ago

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