Crystal owes $8,950 on her Electronics Boutique credit card with a 18.4% interest rate. She owes $6,390 on her Miscellaneous Goo
ds credit cards which has a 22.9% interest rate. What is the total monthly payment needed to pay off both cards in three years, assuming she makes fixed payments and does not charge any more purchases with the card?
1 answer:
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Answer:
(a) The probability is 0.6514
(b) The probability is 0.7769
Step-by-step explanation:
If the number of accidents occur according to a poisson process, the probability that x accidents occurs on a given day is:
Where a is the mean number of accidents per day and t is the number of days.
So, for part (a), a is equal to 3/7 and t is equal to 1 day, because there is a rate of 3 accidents every 7 days.
Then, the probability that a given day has no accidents is calculated as:
On the other hand the probability that February has at least one accident with a personal injury is calculated as:
P(x≥1)=1 - P(0)
Where P(0) is calculated as:
Where a is equivalent to (3/7)(1/8) because that is the mean number of accidents with personal injury per day, and t is equal to 28 because 4 weeks has 28 days, so:
Finally, P(x≥1) is:
P(x≥1) = 1 - 0.2231 = 0.7769