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pogonyaev
4 years ago
5

Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How mu

ch do you need to save?
I got $625.63 per month. Do I multiply this by the 6 months to get the final answer?
Mathematics
2 answers:
inn [45]4 years ago
7 0

Answer:

$3753.792

Step-by-step explanation:

Given : Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund.

To Find: How much do you need to save?

Solution:

Income = $2,085.44

Expenses =  30% of income

               =\frac{30}{100} \times 2085.44

              =625.632

So, your expenses per month is 625.632

So, your expenses for 6 months = 625.632 \times 6

                                                      = 3753.792

Since we are given that ou want to save 6 months worth in an emergency fund.

So, you saved 6 months in an emergency fund = $3753.792

Thus you was right . You need multiply  $625.63 with 6 .

Hence the final answer is $3753.792

Leviafan [203]4 years ago
4 0

Answer:

$3753.79

Step-by-step explanation:

To find your emergency fund, you need to get your fixed expenses as the base.

Fixed Expenses = $2085.44 x 0.30

Fixed Expenses = $625.63

Now you need to take your Fixed Expenses and multiply that to the number of months you want to save for.

$625.63 x 6 = $3753.79

So you will need to save $3753.79 for 6 months worth of an emergency fund.

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A study of long-distance phone calls made from General Electric Corporate Headquarters in Fairfield, Connecticut, revealed the l
Katena32 [7]

Answer:

(a) The fraction of the calls last between 4.50 and 5.30 minutes is 0.3729.

(b) The fraction of the calls last more than 5.30 minutes is 0.1271.

(c) The fraction of the calls last between 5.30 and 6.00 minutes is 0.1109.

(d) The fraction of the calls last between 4.00 and 6.00 minutes is 0.745.

(e) The time is 5.65 minutes.

Step-by-step explanation:

We are given that the mean length of time per call was 4.5 minutes and the standard deviation was 0.70 minutes.

Let X = <u><em>the length of the calls, in minutes.</em></u>

So, X ~ Normal(\mu=4.5,\sigma^{2} =0.70^{2})

The z-score probability distribution for the normal distribution is given by;

                           Z  =  \frac{X-\mu}{\sigma}  ~ N(0,1)

where, \mu = population mean time = 4.5 minutes

           \sigma = standard deviation = 0.7 minutes

(a) The fraction of the calls last between 4.50 and 5.30 minutes is given by = P(4.50 min < X < 5.30 min) = P(X < 5.30 min) - P(X \leq 4.50 min)

    P(X < 5.30 min) = P( \frac{X-\mu}{\sigma} < \frac{5.30-4.5}{0.7} ) = P(Z < 1.14) = 0.8729

    P(X \leq 4.50 min) = P( \frac{X-\mu}{\sigma} \leq \frac{4.5-4.5}{0.7} ) = P(Z \leq 0) = 0.50

The above probability is calculated by looking at the value of x = 1.14 and x = 0 in the z table which has an area of 0.8729 and 0.50 respectively.

Therefore, P(4.50 min < X < 5.30 min) = 0.8729 - 0.50 = <u>0.3729</u>.

(b) The fraction of the calls last more than 5.30 minutes is given by = P(X > 5.30 minutes)

    P(X > 5.30 min) = P( \frac{X-\mu}{\sigma} > \frac{5.30-4.5}{0.7} ) = P(Z > 1.14) = 1 - P(Z \leq 1.14)

                                                              = 1 - 0.8729 = <u>0.1271</u>

The above probability is calculated by looking at the value of x = 1.14 in the z table which has an area of 0.8729.

(c) The fraction of the calls last between 5.30 and 6.00 minutes is given by = P(5.30 min < X < 6.00 min) = P(X < 6.00 min) - P(X \leq 5.30 min)

    P(X < 6.00 min) = P( \frac{X-\mu}{\sigma} < \frac{6-4.5}{0.7} ) = P(Z < 2.14) = 0.9838

    P(X \leq 5.30 min) = P( \frac{X-\mu}{\sigma} \leq \frac{5.30-4.5}{0.7} ) = P(Z \leq 1.14) = 0.8729

The above probability is calculated by looking at the value of x = 2.14 and x = 1.14 in the z table which has an area of 0.9838 and 0.8729 respectively.

Therefore, P(4.50 min < X < 5.30 min) = 0.9838 - 0.8729 = <u>0.1109</u>.

(d) The fraction of the calls last between 4.00 and 6.00 minutes is given by = P(4.00 min < X < 6.00 min) = P(X < 6.00 min) - P(X \leq 4.00 min)

    P(X < 6.00 min) = P( \frac{X-\mu}{\sigma} < \frac{6-4.5}{0.7} ) = P(Z < 2.14) = 0.9838

    P(X \leq 4.00 min) = P( \frac{X-\mu}{\sigma} \leq \frac{4.0-4.5}{0.7} ) = P(Z \leq -0.71) = 1 - P(Z < 0.71)

                                                              = 1 - 0.7612 = 0.2388

The above probability is calculated by looking at the value of x = 2.14 and x = 0.71 in the z table which has an area of 0.9838 and 0.7612 respectively.

Therefore, P(4.50 min < X < 5.30 min) = 0.9838 - 0.2388 = <u>0.745</u>.

(e) We have to find the time that represents the length of the longest (in duration) 5 percent of the calls, that means;

            P(X > x) = 0.05            {where x is the required time}

            P( \frac{X-\mu}{\sigma} > \frac{x-4.5}{0.7} ) = 0.05

            P(Z > \frac{x-4.5}{0.7} ) = 0.05

Now, in the z table the critical value of x which represents the top 5% of the area is given as 1.645, that is;

                      \frac{x-4.5}{0.7}=1.645

                      {x-4.5}{}=1.645 \times 0.7

                       x = 4.5 + 1.15 = 5.65 minutes.

SO, the time is 5.65 minutes.

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