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11111nata11111 [884]

3 years ago

6

An amount of $4000 was deposted in a bank of 7% compounded quarterly for 2 years. The rate the increased to 10% and was compound

ed quarterly for the next 2 years. If no money was
balance at the end of this time?

The balance was $=
(Round to the nearest cant as needed)

1 answer:

GarryVolchara [31]3 years ago

6 0

Answer:

$5599.20

Step-by-step explanation:

The quarterly interest rate for the first two years was ...

7%/4 = 0.0175

So, the multiplier each quarter for those 8 quarters was 1+0.0175 = 1.0175. At the end of the first 8 quarters, the account value had been multiplied by ...

1.0175^8

For the next 8 quarters, the quarterly interest rate was 10%/4 = 0.025. So at the end of those 8 quarters, the balance had been multiplied by ...

1.025^8

Then the balance at the end of 4 years was ...

$4000(1.0175^8)(1.025^8) ≈ $5599.20

The balance was $5599.20.

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b) 0.4148

c) 17

Step-by-step explanation:

For each call, there are only two possible outcomes. Either they are answered in less than 30 seconds. Or they are not. The probabilities for each call are independent. So we use the binomial probability distribution to solve this question.

Binomial probability distribution

The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.

$P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}$

In which $C_{n,x}$ is the number of different combinations of x objects from a set of n elements, given by the following formula.

$C_{n,x} = \frac{n!}{x!(n-x)!}$

And p is the probability of X happening.

In this problem we have that:

$p = 0.75$

a. If you call 12 times, what is the probability that exactly 9 of your calls are answered within 30 seconds? Round your answer to four decimal places (e.g. 98.7654).

This is $P(X = 9)$ when $n = 12$ . So

$P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}$

$P(X = 9) = C_{12,9}.(0.75)^{9}.(0.25)^{3} = 0.2581$

b. If you call 20 times, what is the probability that at least 16 calls are answered in less than 30 seconds? Round your answer to four decimal places (e.g. 98.7654).

This is $P(X \geq 16)$ when $n = 20$

So

$P(X \geq 16) = P(X = 16) + P(X = 17) + P(X = 18) + P(X = 19) + P(X = 20)$

$P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}$

$P(X = 16) = C_{20,16}.(0.75)^{16}.(0.25)^{4} = 0.1897$

$P(X = 17) = C_{20,17}.(0.75)^{17}.(0.25)^{3} = 0.1339$

$P(X = 18) = C_{20,18}.(0.75)^{18}.(0.25)^{2} = 0.0669$

$P(X = 19) = C_{20,19}.(0.75)^{19}.(0.25)^{1} = 0.0211$

$P(X = 20) = C_{20,20}.(0.75)^{20}.(0.25)^{0} = 0.0032$

So

$P(X \geq 16) = P(X = 16) + P(X = 17) + P(X = 18) + P(X = 19) + P(X = 20) = 0.1897 + 0.1339 + 0.0669 + 0.0211 + 0.0032 = 0.4148$

c. If you call 22 times, what is the mean number of calls that are answered in less than 30 seconds? Round your answer to the nearest integer.

The expected value of the binomial distribution is:

$E(X) = np$

In this question, we have $n = 22$

So

$E(X) = 22*0.75 = 16.5$

The closest integer to 16.5 is 17.

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