Suppose the discrete random variable X has the probability distribution below:
1 answer:
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Answer:
Step-by-step explanation:
1) Previous concepts
The binomial distribution is a "DISCRETE probability distribution that summarizes the probability that a value will take one of two independent values under a given set of parameters. The assumptions for the binomial distribution are that there is only one outcome for each trial, each trial has the same probability of success, and each trial is mutually exclusive, or independent of each other".
2) Solution to the problem
The probability in favor of the regulation based on the recent survey is:
Let X the random variable of interest "Number of favor respondents about the regulation", on this case we now that:
The probability mass function for the Binomial distribution is given as:
Where (nCx) means combinatory and it's given by this formula:
And we want to find this probability:
If we use X= "Number of respondednts opposed to the regulation we got the same answer", but on this case p = 1-0.68=0.32, and we want this probability:
Answer:
It will take about 35.439 years to triple.
Step-by-step explanation:
Recall the formula for continuously compounded interest:
where "A" is the total (accrued or future) accumulated value, "r" is the rate (in our case 0.031 which is the decimal form of 3.1%), "P" is the principal, and "t" is the time in years (our unknown).
Notice also that even that the final amount we want to get is three times $48,000. So our formula becomes:
Now,in order to solve for "t" (which is in the exponent, we use logarithms: