Answer:
$18,087.23
Step-by-step explanation:
The future worth of the loan in 7 years compounded semiannually is computed as shown below using the future value formula adjusted for semiannual compounding:
FV=PV*(1+r/2)^n*2
FV is the worth of the loan in 7 years which is unknown
PV is the actual amount of loan which is $8,000
r is the rate of interest of 12%
n is the number of years of the loan which is 7 years
the 2 is to show that interest is computed twice a year
FV=8000*(1+12%/2)^7*2
FV=8000*(1+6%)^14
FV=8000*1.06^14=$18,087.23
Answer:
a
Step-by-step explanation:
a
Answer:
P (X ≤ 4)
Step-by-step explanation:
The binomial probability formula can be used to find the probability of a binomial experiment for a specific number of successes. It <em>does not</em> find the probability for a <em>range</em> of successes, as in this case.
The <em>range</em> "x≤4" means x = 0 <em>or</em> x = 1 <em>or </em>x = 2 <em>or</em> x = 3 <em>or</em> x = 4, so there are five different probability calculations to do.
To to find the total probability, we use the addition rule that states that the probabilities of different events can be added to find the probability for the entire set of events only if the events are <em>Mutually Exclusive</em>. The outcomes of a binomial experiment are mutually exclusive for any value of x between zero and n, as long as n and p don't change, so we're allowed to add the five calculated probabilities together to find the total probability.
The probability that x ≤ 4 can be written as P (X ≤ 4) or as P (X = 0 or X = 1 or X = 2 or X = 3 or X = 4) which means (because of the addition rule) that P(x ≤ 4) = P(x = 0) + P(x = 1) + P (x = 2) + P (x = 3) + P (x = 4)
Therefore, the probability of x<4 successes is P (X ≤ 4)
Answer:
d 7/4
Step-by-step explanation:
Answer:
$2600
Step-by-step explanation:
2/100×70000=1400
2/100×60000=1200
1400+1200=2600
