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3 years ago

4. John Payer, owner of Payer's Garage, estimates he will need $55,000 for

Business

1 answer:

densk [106]3 years ago

3 0

Answer:

29365

Explanation:

Compound interest means that the interest you earn each year is added to your principal, so that the balance doesn't merely grow, it grows at an increasing rate, therefore John needs to put aside today $29.365 as a compound interest rate of 8% will yield as follows:

Year = Principal+interest=New Balance/Principal

Year 1: $29,365 + $2,396 = $31,761

Year 2: $31,761 + $2,591 = $34,352

Year 3: $34,352 + $2,803 = $37,156

Year 4: $37,156 + $3,031 = $40,188

Year 5: $40,188 + $3,279 = $43,467

Year 6: $43,467 + $3,546 = $47,014

Year 7: $47,014 + $3,836 = $50,850

Year 8: $50,850 + $4,149 = $55,000

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Answer:

$1,100

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3 years ago

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3 years ago

Two gamblers bet $1 each on the successive tosses of acoin. Each has a bank of $6. What is the probability that:a They break eve

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Answer:

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Part a

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Part b:

So the probability that one of the player wins all the money after the 10th toss is given as the tenth toss is given as a win so

Wins in 9 tosses is given as 9!/7!=72

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Wins in 8 out of 10 tosses is given as 10!/8!(10-8)!=10!/8!2!=45

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P=0.0264

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