Jacob took out a loan for $5,400 at a simple interest rate of 3.5% for 6 months. How much interest did he owe?
2 answers:
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Answer:
a. P(24)=0.00007
b. P(23)=0.00018
c. There is significant difference between the probability of the rainy days and the probabilities of fire and theft.
The probability of theft would be overestimated by 76% and the probability of fire would be subestimated by 27%.
Step-by-step explanation:
The probabilities of two events ("fire"and "theft") are compared to the probabilities of a certain number of days of rain during July.
The probabilities of "fire"and "theft" are around P=0.0001, and we need to calculate if the probability of exactly 23 and exactly 24 days of rain July have approximately the same probability.
Rain frequencies for the months of July and August were shown to follow a Poisson distribution with a mean of 10 days per month.
The parameter then is:
The probability of k days of rain is:
For 24 days, the probability is:
The probability of 23 days of rain is 27% less than P=0.0001.
For 23 days of rain, the probability is:
The probability of 23 days of rain is 76% more than P=0.0001.
There is significant difference between the probability of the rainy days and the probabilities of fire and theft.
The probability of theft would be overestimated by 76% and the probability of fire would be subestimated by 27%.