The Williams family writes down their
1 answer:
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Answer:
a) 0.32 = 32% probability that your bid will be accepted
b) 0.72 = 72% probability that your bid will be accepted
c) An amount in excess of $15,400.
Step-by-step explanation:
An uniform probability is a case of probability in which each outcome is equally as likely.
For this situation, we have a lower limit of the distribution that we call a and an upper limit that we call b.
The probability that we find a value X lower than x is given by the following formula.
Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,400 and $15,400.
This means that
a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
You will win if the competitor bids less than 12000. So
0.32 = 32% probability that your bid will be accepted
b. Suppose you bid $14,000. What is the probability that your bid will be accepted?
You will win if the competitor bids less than 14000. So
0.72 = 72% probability that your bid will be accepted
c. What amount should you bid to maximize the probability that you get the property (in dollars)?
His bid is uniformly distributed between $10,400 and $15,400.
So, to maximize the probability that you get the property, you should bid an amount in excess of $15,400.
Using the monthly payment formula, it is found that her down payment should be of $1,419.
<h3>What is the monthly payment formula?</h3>It is given by:
In which:
- P is the initial amount.
- r is the interest rate.
- n is the number of payments.
For this problem, the parameters are:
A = 250, r = 0.072, n = 72.
Hence:
r/12 = 0.072/12 = 0.006.
We solve for P to find the total amount of the monthly payments, hence:
0.0171452057P = 250
P = 250/0.0171452057
P = $14,581.
The total payment is of $16,000, hence her down payment should be of:
16000 - 14581 = $1,419.
More can be learned about the monthly payment formula at brainly.com/question/26476748
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