If $396 is invested at an interest rate of 13% per year and is compound continuously, how much will the investment be worth in 3
1 answer:
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Answer:
(a) 0.28347
(b) 0.36909
(c) 0.0039
(d) 0.9806
Step-by-step explanation:
Given information:
n=12
p = 20% = 0.2
q = 1-p = 1-0.2 = 0.8
Binomial formula:
(a) Exactly two will be drunken drivers.
Therefore, the probability that exactly two will be drunken drivers is 0.28347.
(b)Three or four will be drunken drivers.
Using binomial we get
Therefore, the probability that three or four will be drunken drivers is 0.3691.
(c)
At least 7 will be drunken drivers.
Therefore, the probability of at least 7 will be drunken drivers is 0.0039.
(d) At most 5 will be drunken drivers.
Therefore, the probability of at most 5 will be drunken drivers is 0.9806.