A hobby store marks up remote-controlled cars 20%. The original price was $35. What is the retail price to purchase a remote-con
1 answer:
Answer:
The retail price to purchase a remote-controlled car at the hobby store is $42
Step-by-step explanation:
Original Price of remote controlled car = $35
Mark up = 20%
We need to find retail price.
First we will find mark up value i.e. 20% of 35 and then add it to the original price to find retail price.
Finding 20% of 35
So, mark up price is $7
Now, the retail price will be:
<em>Retail price = Original Price + Mark up</em>
Retail price = 35 + 7
Retail price = 42
So, the retail price to purchase a remote-controlled car at the hobby store is $42
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Answer:
P(939.6 < X < 972.5) = 0.6469
Step-by-step explanation:
To solve this question, we need to understand the normal probability distribution and the central limit theorem.
Normal Probability Distribution:
Problems of normal distributions can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
Central Limit Theorem
The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation
, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean
and standard deviation
.
For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.
CNNBC recently reported that the mean annual cost of auto insurance is 965 dollars. Assume the standard deviation is 113 dollars.
This means that
Sample of 57:
This means that
Find the probability that a single randomly selected policy has a mean value between 939.6 and 972.5 dollars.
This is the pvalue of Z when X = 972.5 subtracted by the pvalue of Z when X = 939.6. So
X = 972.5
By the Central Limit Theorem
has a pvalue of 0.6915
X = 939.6
has a pvalue of 0.0446
0.6915 - 0.0446 = 0.6469
So
P(939.6 < X < 972.5) = 0.6469
Answer:
- The amount invested at 5%=$77,000
- The amount invested at 9%=$349,000
Step-by-step explanation:
- Let the amount invested at 5% simple interest =$x
He invested $41,000 more than 4 times the amount at 9%.
- This amount is: $(4x+41000)
Total Annual Interest Earned = $35,260
Therefore, Time=1 year
Simple Interest
Therefore, his total interest
=Interest from Investment 1 + Interest from Investment 2
Therefore:
The amount invested at 5%=$77,000
The amount invested at 9%=$(4*77,000+41000)=$349,000