Question

The Gill Art Gallery wishes to maintain data on their customers, artists and paintings. They may have several paintings by each artist in the gallery at one time. Paintings may be bought and sold several times. In other words, the gallery may sell a painting, then buy it back at a later date and sell it to another customer.

Answer 1

Answer:

a. $79,122.50

b. 314. 84 miles.

c. 700 ways.

Explanation:

a. Compound interest = A = P (1 + r/n)nt ;

where P = 7500 (principal amount)

r = 15% (interest rate)

t = 16 (no of years)

n = 4 (no of times compounded annually.)

and finally A is the Amount (present value after 16 years)

Upon calculation A = $79,122.50.

b. Answer: 314. 84 miles.

Explanation:

Given data. 160 miles / 7.75 liters of gasoline

Therefore 1 liter of gasoline = 160/7.75 = 20.645 miles/ liter.

15.25 liters of gasoline = 20.645 * 15.25 = 314.84 miles.

c. Answer: 700 ways.

Explanation:

This is an application of generalized principle of counting.

4 Americans can be choosen from 7 Americans = 7C4 = 35

3 Russians can be choosen from 6 Russians = 6C3 = 20.

Total number of ways = (7C4)* (6C3) = 35 * 20 = 700 ways.