First of all APR is the wrong term for interest earned on a deposit. So
I'm going to guess that you really mean simple interest.
Step one figure the amount in the emergency fund. Since the monthly
expenses are $1,157.65, you multiply 4 months times $1,157.65:
4($1,157.65) = $4,606.60
Step 2, figure out how much is 25% of $4,606.60. So change the percent
in a decimal by moving the decimal to the left two places.
So 25.0 becomes .25. Or you could divide 25 by 100 and get .25
Next multiply .25 times $4,606.60 and you get $1,151.65 for the amount
in the savings account.
Step 3, subtract the amount in deposited in the savings account from the total amount in the emergency fund.
So you $4,606.60 minus $1,151.65 Which gets you $3,454.95 in the CD.
Step 4, Calculate the interest earned in the savings account. Since the
savings account earns 3.3% a year and there are 365 days in a non leap
year, divide 3.3% by 365 to find out how much interest is earned a day
and multiply it times the amount in the savings account.
First change 3.3% to a decimal by moving the decimal point to the left
two places. Which gets us .033
So .033 divided by 365 times $1,151.65 Which gets us about $0.104 in
interest a day.
Finally, multiply the interest earned each day by 60 days. $0.104 times
60
Which gets us about $6.25 in interest earned on the savings account for
60 days.
Step 5, Find the interest earned on the CD. Since the CD earns 4.3%
interest a year and there are 365 days in a non leap year, divide 4.3%
by 365 to find out how much interest is earned a day and multiply it
times the amount in the CD.
First change 4.3% to a decimal by moving the decimal point to the left
two places. Which gets us .043.
So .043 divided by 365 times $3,454.95 Which gets us about $0.407 in
interest a day.
Finally, multiply the interest earned each day by 60 days. $0.407 times
60. Which gets us about $24.42 in interest earned on the CD for 60 days
Step 6, The total interest earned on the savings account and the CD is:
$24.42 + 6.25 = $30.67
The probability that the month starts with the letter J or the letter M is 41.66%.
Step-by-step explanation:
Given that a month of the year is chosen at random, to determine what is the probability that the month starts with the letter J or the letter M, the following calculation must be performed:
January - March - May - June - July = 5 months
(5/12) x 100 = X
0.4166 x 100 = X
41.66 = X
Therefore, the probability that the month starts with the letter J or the letter M is 41.66%.
