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maxonik [38]
3 years ago
6

A sign on the pumps at a gas station encourages customers to have their oil checked, and claims that one out of 10 cars needs to

have oil added. If this is true (and assuming cars arriving independently), find the probability of each of the following:A. One out of the next four cars needs oil.B. Two out of the next eight cars needs oil.C. 5 out of the next 20 cars needs oil.
Mathematics
1 answer:
Archy [21]3 years ago
3 0

Answer:

0.2916, 0.1488, 0.0319

Step-by-step explanation:

Given that a sign on the pumps at a gas station encourages customers to have their oil checked, and claims that one out of 10 cars needs to have oil added.

Since each trial is independent there is a constant probability for any random car to need oil is 0.10

Let X be the number of cars that need oil

A) Here X is BIN(4,0.1)

P(X=1) = 4C1(0.1)(0.9)^3 \\= 0.2916

B) Here X is Bin (8, 0.1)

P(x=2) = 8C2 (0.1)^2 (0.9)^6\\\\=0.1488

C) Here X is Bin (20,5)

P(x=5) = 20C5 (0.1)^5 (0.9)^{15} \\=0.0319

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The balance, in dollars, (future value) when the pension plan earns 6% compounded monthly is <u>$372,134.19</u>.

<h3>What is future value?</h3>

The future value refers to the compounded future value of an asset, for example, a pension plan, based on a growth rate of interest for a future period.

The future value can be determined with the FV formula, table, or using an online finance calculator as follows:

<h3>Data and Calculations:</h3>

N (# of periods) = 528 months (68 - 24 x 12 months)

I/Y (Interest per year) = 6%

PV (Present Value) = $0

PMT (Periodic Payment) = $144

<u>Results:</u>

FV = $372,134.19

Sum of all periodic payments = $76,032 ($144 x 528)

Total Interest = $296,102.19

Thus, the balance, in dollars, (future value) when the pension plan earns 6% compounded monthly is <u>$372,134.19</u>.

Learn more about calculating future values at brainly.com/question/24703884

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