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ss7ja [257]
2 years ago
13

Norm has $15,000 to deposit. His daughter is a junior in high school and plans to go to college. Recommend the best way for Norm

to store his money. Note that the interest rates are expressed on an annual basis.
a.
A four-year CD paying 4.8% interest, with a substantial penalty for early withdrawal
b.
An online savings account offering 2.3% interest
c.
A money market account paying 3.5% interest, renewable for three-month commitments
d.
A checking account with no monthly fees
Mathematics
2 answers:
galina1969 [7]2 years ago
6 0

Answer:

A money market account paying 3.5% interest, renewable for three-month commitments.

Nata [24]2 years ago
3 0
<h2>The best way for Norm to store his money is through C. A money market account paying 3.5% interest, renewable for three-month commitments. Even though a four-year CD offers a higher interest at 4.8%, the fact that there is a substantial penalty for early withdrawal is a negative factor for Norm. His daughter needs the money after 2 years since she is already a junior in high school.</h2>

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5 hours

Step-by-step explanation:

75 + 55x = 350

75 - 75 + 55x = 350 - 75

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3 0
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A researcher plants 22 seedlings. After one month, independent of the other seedlings, each seedling has a probability of 0.08 o
Andrews [41]

Answer:

E(X₁)= 1.76

E(X₂)= 4.18

E(X₃)= 9.24

E(X₄)= 6.82

a. P(X₁=3, X₂=4, X₃=6;0.08,0.19,0.42)= 0.00022

b. P(X₁=5, X₂=5, X₄=7;0.08,0.19,0.31)= 0.000001

c. P(X₁≤2) = 0.7442

Step-by-step explanation:

Hello!

So that you can easily resolve this problem first determine your experiment and it's variables. In this case, you have 22 seedlings (n) planted and observe what happens with the after one month, each seedling independent of the others and has each leads to success for exactly one of four categories with a fixed success probability per category. This is a multinomial experiment so I'll separate them in 4 different variables with the corresponding probability of success for each one of them:

X₁: "The seedling is dead" p₁: 0.08

X₂: "The seedling exhibits slow growth" p₂: 0.19

X₃: "The seedling exhibits medium growth" p₃: 0.42

X₄: "The seedling exhibits strong growth" p₄:0.31

To calculate the expected number for each category (k) you need to use the formula:

E(XE(X_{k}) = n_{k} * p_{k}

So

E(X₁)= n*p₁ = 22*0.08 = 1.76

E(X₂)= n*p₂ = 22*0.19 = 4.18

E(X₃)= n*p₃ = 22*0.42 = 9.24

E(X₄)= n*p₄ = 22*0.31 = 6.82

Next, to calculate each probability you just use the corresponding probability of success of each category:

Formula: P(X₁, X₂,..., Xk) = \frac{n!}{X_{1}!X_{2}!...X_{k}!} * p_{1}^{X_{1}} * p_{2}^{X_{2}} *.....*p_{k}^{X_{k}}

a.

P(X₁=3, X₂=4, X₃=6;0.08,0.19,0.42)= \frac{22!}{3!4!6!} * 0.08^{3} * 0.19^{4} * 0.42^{6}\\ = 0.00022

b.

P(X₁=5, X₂=5, X₄=7;0.08,0.19,0.31)= \frac{22!}{5!5!7!} * 0.08^{5} * 0.19^{5} * 0.31^{7}\\ = 0.000001

c.

P(X₁≤2) = \frac{22!}{0!} * 0.08^{0} * (0.92)^{22} + \frac{22!}{1!} * 0.08^{1} * (0.92)^{21} + \frac{22!}{2!} * 0.08^{2} * (0.92)^{20} = 0.7442

I hope you have a SUPER day!

8 0
2 years ago
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