Bob and Kathy want to save a total of $500,000 for retirement. How much should they deposit monthly into an account that pays 3.
1 answer:
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Answer:
S = {0,2,3,4}
P(X=0) = 0.573 , P(X=2) = 0.401 , P(x=3) = 0.025, P(X=4) = 0.001
Mean = 0.879
Standard Deviation = 1.033
Step-by-step explanation:
Let the number of people having same birth month be = x
The number of ways of distributing the birthdays of the 4 men = (12*12*12*12)
The number of ways of distributing their birthdays = 12⁴
The sample space, S = { 0,2,3,4} (since 1 person cannot share birthday with himself)
P(X = 0) =
P(X=0) = 0.573
P(X=2) = P(2 months are common) P(1 month is common, 1 month is not common)
P(X=2) =
P(X=2) = 0.401
P(X=3) =
P(x=3) = 0.025
P(X=4) =
P(X=4) = 0.001
Mean,
Standard deviation,
SD = 1.033