What is the formula to find a simple interest rate

1 answer:

4 0

Simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100; r and t are in the same units of time.

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Industry standards suggest that 8 percent of new vehicles require warranty service within the first year. Jones Nissan in Sumter

jenyasd209 [6]

Answer:

Step-by-step explanation:

Let X be the no of vehicles that require warranty service within I year out of vehicles sold (9) yesterday.

Each vehicle is independent of the other to get warranty service

Hence X is binomial with p=8% = 0.08

So P(X=x) = $9Cx (0.08)^x (1-0.08)^{9-x} ,x=0,1,2...9$

$a) P(X=0) = 0.472161\\b) P(x=1) = 0.3695$

c) $P(X=2) = 0.1285$

d) Mean = Mean of binomial = np =

$9(0.08) = 0.72$

Var (x) = npq = $0.6624$

Std dev = square root of variance = 0.8139

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