Answer:
Step-by-step explanation:
Let X be the no of customers who purchase atleast one item.
X is binomial since there are two outcomes and each customer is independent of the other.
a) Here n =10
Out of 10 customers we expect np = 3 customers to buy at least one item.
b) exactly 3 of the customers would purchase at least one item
=
c) the probability that no more than 3 customers would purchase at least one item
=
Answer:
The difference in the amount of interest she would have to pay for the two loans is $1,400
Step-by-step explanation:
The amount of loan Holly is taking out, P = $10,000
The choices available for the loan are;
1) Loan duration, T₁ = 4-year
Interest rate, R₁ = 4%
2) Loan duration, T₂ = 6-year
Interest rate, R₂ = 5%
For the first choice, we have;
The simple interest, I, given by the formula;
For the second choice, we have;
The simple interest, I, given by the formula;
The difference, D, in the amount of interest she would have to pay for the two loans is therefore;
D = I₂ - I₁ = $3,000 - $1,600 = $1,400
The difference in the amount of interest she would have to pay for the two loans = D = $1,400.