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34kurt
3 years ago
7

(HELP!!!) Gustavo invests £520 for 6 years in a bank account paying simple interest. At the end of 6 years, the amount in the ba

nk account is £629.20.
Calculate the annual rate of interest.
Mathematics
1 answer:
romanna [79]3 years ago
7 0
629.20/520=1.21
Powerof6V1.21= 1.0323
Rate of interest 3.23
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The correct answer has already been given (twice). I'd like to present two solutions that expand on (and explain more completely) the reasoning of the ones already given.


One is using the hypergeometric distribution, which is meant exactly for the type of problem you describe (sampling without replacement):


P(X=k)=(Kk)(N−Kn−k)(Nn)


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The chance of picking an ace for the first time (same as the chance of picking any card for the first time) is 1/52, multiplied by the number of ways you can pick one of the four aces in the deck, 4C1. This probability is multiplied by the probability of picking a card for the second time (1/51) times the number of ways to get one of the three remaining aces (3C1). This is the way Larry chose to solve the this.

Step-by-step explanation:


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