$100 is deposited in the bank at 5% interest compounded continuously. What will be the average value of the money in the account
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Answer:
15.6%
Step-by-step explanation:
Since each day there is a 6% chance that Lisa smiles at him then that means that each day there is a 94% chance that Lisa does not smile at him. To find the probability of Milhouse going longer than a month (30 days) without a smile from Lisa we need to multiply this percentage in decimal form for every day of the month. This can be solved easily by putting 94% to the 30th power which would be the same, but first, we need to turn it into a decimal...
94% / 100 = 0.94
= 0.156
Now we can turn this decimal into a percentage by multiplying by 100
0.156 * 100 = 15.6%
Finally, we can see that the probability that Milhouse goes longer than a month without a smile from Lisa is 15.6%