Maria has decided to invest to help with her retirement savings. How much would she have to invest to have $113,400 after 20 yea
rs, assuming an interest rate of 3.57% compounded annually?
Do not round any intermediate computations, and round your final answer to the nearest dollar.
Do not round any intermediate computations, and round your final answer to the nearest dollar.
1 answer:
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Answer:
The probability that she wins exactly once before she loses her initial capital is 0.243.
Step-by-step explanation:
The gambler commences with $30, i.e. she played 3 games.
Let <em>X</em> = number of games won by the gambler.
The probability of winning a game is, <em>p</em> = 0.10.
The random variable <em>X</em> follows a Binomial distribution, with probability mass function:
Compute the probability of exactly one winning as follows:
Thus, the probability that she wins exactly once before she loses her initial capital is 0.243.