Answer:
1.) 9.2
2.)
625
633
the dealer
8.81
Step-by-step explanation:
I'm gonna assume that cm= compounded monthly
1.)
effective rate: .153/12= .01275
x= payments
2.)
If there is no interest rate attached to financing through the deal the payment is just
37500/60 = 625
The monthly payment from the bank has a present value of 37500-3000=34500
and the effective rate is .039/12= .00325
Finally, the amount we save is just the difference
633.81-625=8.81
Answer:
a)0.6192
b)0.7422
c)0.8904
d)at least 151 sample is needed for 95% probability that sample mean falls within 8$ of the population mean.
Step-by-step explanation:
Let z(p) be the z-statistic of the probability that the mean price for a sample is within the margin of error. Then
z(p)= where
a.
z(p)= ≈ 0.8764
by looking z-table corresponding p value is 1-0.3808=0.6192
b.
z(p)= ≈ 1.1314
by looking z-table corresponding p value is 1-0.2578=0.7422
c.
z(p)= ≈ 1.6
by looking z-table corresponding p value is 1-0.1096=0.8904
d.
Minimum required sample size for 0.95 probability is
N≥ where
then N≥ ≈150.6
Thus at least 151 sample is needed for 95% probability that sample mean falls within 8$ of the population mean.