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3 years ago

15

Eight years from now, you will be inheriting $100,000. what is this inheritance worth to you today if you can earn 7.25 percent

interest, compounded annually?

1 answer:

KonstantinChe [14]3 years ago

3 0

Let the present worth = P

P(1+0.075)^8 = 1,00,000
⇒ 1.783478 P = 100000
⇒ P = 100000/1.783478
⇒ P = $56,070

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Answer:

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$c =\frac{1}{12}$

Now we can find the expected value with this formula:

$E(Y) =\sum_{i=1}^n Y_i P(Y_i) =\sum_{i=1}^n cy_i *y_i = cy^2_i$

And replacing we got:

$E(Y) = \frac{1}{12} (1^2 + 2^2 + 4^2 +5^2) = \frac{46}{12}= \frac{23}{6}$

Step-by-step explanation:

For this case we know the following probability mass function given:

$P(y) = cy , y= 1,2,4,5$

For this case we need to satisfy the following condition in order to have a probability distribution function:

$\sum_{i=1}^n P(y_i) =1$

And we have this:

$c(1+2+4+5) =1$

$c =\frac{1}{12}$

Now we can find the expected value with this formula:

$E(Y) =\sum_{i=1}^n Y_i P(Y_i) =\sum_{i=1}^n cy_i *y_i = cy^2_i$

And replacing we got:

$E(Y) = \frac{1}{12} (1^2 + 2^2 + 4^2 +5^2) = \frac{46}{12}= \frac{23}{6}$

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