Among a group of 2,500 people, 35 percent invest in municipal bonds, 18 percent invest in oil stocks, and 7 percent invest in bo
1 answer:
Answer:
Probability that the person selected will be one who invests in municipal bonds but not in oil stocks is
Explanation:
Given : Total no of people in the group = 2500
Investors of municipal bonds = 35% i.e .35 × 2500 = 875
Investors of both municipal bonds and oil stocks
= 7% i.e .07 × 2500
= 175
Hence, the investors who have invested in municipal bonds but not oil stocks = 875 - 175 = 700 investors
Probability that the person being selected will be one who invests in municipal bonds but not in oil stocks =
=
=
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Answer:
1. 5.00%
2. 15.70 year
Explanation:
As per the data given in the question,
1) For computing the interest rate we need to applied the RATE formula which is shown in the attached spreadsheet
Given that
Future value = 0
Present value = -$2587.09
PMT = $950
NPER = 3 years
The formula is shown below:
= RATE(NPER;PMT;-PV;FV)
The present value comes in negative
After applying the above formula, the interest rate is 5%
2) For computing the number of years we need to use NPER i.e to be shown in the attachment below
Given that
Future Value = $920,925
Present Value = 0
PMT = -$40,000
Interest rate = 5%
The formula is shown below
= NPER(RATE;-PMT;PV;FV)
The PMT comes in negative
After applying the above formula, the nper is 15.70 years
