Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days. Find the interest in dol
2 answers:
Answer:
Interest = $11.414
Proceed = $278.586
Step-by-step explanation:
Given : Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days.
To find : The interest in dollars and the proceeds for the following problem.
Solution :
The amount of loan A = $290
The discount rate = 16%=0.16
Time = 90 days
Convert into year,
1 year = 365 days
1 day = year
90 days = year
The formula of interest is
Interest = Amount × Discount rate × Time
Interest = 290 × 0.16 × 0.246
Interest = $11.414
Proceed = Amount - Interest
Proceed = $290 - $11.414
Proceed = $278.586
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For each household, there are only two possible outcomes. Either it has at least one VCR, or it does not. The probability of a household having at least one VCR is independent of any other household, which means that the binomial distribution is used to solve this question.
Binomial probability distribution
The parameters are:
- x is the number of successes.
- n is the number of trials.
- p is the probability of a success on a single trial.
In this problem:
- 14 households, hence
.
- 0.535 probability of having at least one VCR, hence
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The probability of <u>at least 6 and no more than 8</u> is:
In which:
Then:
0.5601 = 56.01% probability that the number having at least one VCR is no more than 8 but at least 6.00.
A similar problem is given at brainly.com/question/24863377