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The value of a car after 10 years be $20898.27 if the car rental company assumes each car in their fleet depreciates by 6% per year option (a) $20898.27 is correct.
<h3>What is an exponential function?</h3>It is defined as the function that rapidly increases and the value of the exponential function is always a positive. It denotes with exponent
where a is a constant and a>1
We can solve this problem by exponential function:
The word depreciate means the price is decreasing.
We can find the value be when the car is 10 years old:
p = 38800(1 - 0.06)¹⁰
p = 38800(0.94)¹⁰
p = 20898.266 ≈ $20898.27
Thus, the value of a car after 10 years be $20898.27 if the car rental company assumes each car in their fleet depreciates by 6% per year option (a) $20898.27 is correct.
Learn more about the exponential function here:
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Answer:
<u></u>
- <u>a) P(X=1) = 0.302526</u>
- <u>b) P(X=5) = 0.010206</u>
- <u>c) P(X=3) = 0.18522</u>
- <u>d) P(X≤3) = 0.92953</u>
- <u>e) P(X≥5) = 0.010935</u>
- <u>f) P(X≤4) = 0.989065</u>
Explanation:
Binomial experiments are modeled by the formula:
Where
- P(X=x) is the probability of exactly x successes
- p is the probability of one success, which must be the same for every trial, and every trial must be independent of other trial.
- n is the number of trials
- 1 - p is the probability of fail
- there are only two possible outcomes for each trial: success or fail.
<u>a.) P (x=1)</u>
<u></u>
<u>b.) P (x=5)</u>
<u>c.) P (x=3)</u>
Using the same formula:
<u>d.) P (x less than or equal to 3)</u>
- P(X≤3)= P(X=3) + P(X=2) + P(X=1) + P(X=0)
Also,
- P(X≤3) = 1 - P(X≥4) = 1 - P(X=4) - P(X=5) - P(X=6)
You can use either of those approaches. The result is the same.
Using the second one:
- P(X=4) = 0.059335
- P(X=5) = 0.010206
- P(X=6) = 0.000729
- P(X≤3) = 1 - 0.05935 - 0.010206 - 0.000729 = 0.92953
<u>e.) P(x greather than or equal to 5)</u>
- P(X≥5) = P(X=5) + P(X=6)
- P(X≥5) = 0.010206 + 0.000729 = 0.010935
<u>f.) P(x less than or equal 4)</u>
- P(X≤4) = 1 - P(X≥5) = 1 - P(X=5) - P(X=6)
- P(X≤4) = 1 - 0.010206 - 0.000729 = 0.989065