Simple interest formula:
I=PRT
I(interest money created in dollars)
P(initial amount of money)
R(interest rate as a decimal)
T(time in years)
I=7000(.07)(6)
I=$2,940
Therefore, the future value of A is $2,940
Assume that each material in each category has an equal chance of being selected.
Categories:
(a) Type of wood used to make the cabinet: birch, maple, cherry.
Each type of wood has a probability of 1/3 to be selected.
(b) Type of finish: transparent, semi-transparent.
Each type of finish has a probability of 1/2 to be selected.
(c) Knob: bronze, steel, wood.
Each material has 1/3 probability to be selected.
Each event (selecting material for the cabinet, for the finish, and for the knob) is an independent event.
Therefore
Probablity(birch wood AND bronze knob) = (1/3)*(1/3) = 1/9
Probability(wood knob) = 1/3
Probability(transparent stain) = 1/2
Probability(cheryy wood AND semi-transparent stain) = (1/3)*(1/2) = 1/6
Demoss graphing calculator
