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never [62]
1 year ago
11

From the set $\{1, 2, 3, \dots, 20\},$ ten numbers are chosen at random, forming a subset. Let $M$ be the largest element among

the ten numbers. Find the expected value of $M.$
Business
1 answer:
Marysya12 [62]1 year ago
6 0

The largest element can be as small as 10, which happens when the subset is {1, 2, ..., 10}.  The probability of choosing this subset is (1/2)^10 = 1/1024.  (Every element from 1 to 10 can either be in the subset, or not.)

The largest element can also be 11.  All the numbers in the subset must be from 1 to 10, and we must choose 1 to leave out, so the probability that the largest element is 11 is C(10,1)*1/1024.

The largest element can also be 12.  All the numbers in the subset must be from 1 to 11, and we must choose 2 to leave out, so the probability that the largest element is 12 is C(11,2)*1/1024.

We can do the other cases similarly:

Largest element is 13 -> C(12,3)*1/1024

Largest element is 14 -> C(13,4)*1/1024

Largest element is 15 -> C(14,5)*1/1024

Largest element is 16 -> C(15,6)*1/1024

Largest element is 17 -> C(16,7)*1/1024

Largest element is 18 -> C(17,8)*1/1024

Largest element is 19 -> C(18,9)*1/1024

Largest element is 20 -> C(19,10)*1/1024

Adding these up, we get (1 + C(10,1) + C(11,2) + ... + C(19,10))*1/1024.  Since 1 = C(9,0), we also get (C(9,0) + C(10,1) + C(11,2) + ... + C(19,10))*1/1024.

By the Hockey Stick Identity, C(9,0) + C(10,1) + C(11,2) + ... + C(19,10) = C(20,10), so the expected value of the largest element is 1/11*C(20,10)*1/1024 = 4199/256.

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Today you deposited $15,000 into a 5-year CD that will pay 6 percent interest. How much will you withdraw from the account in 5
Soloha48 [4]

Answer:

The answer is 20073.38

Explanation:

FV = A * (1+ i)^n

FV = $15,000 * (1.06)^5= 20073.38

20073.38 will be withdrawn from the account in 5 years

4 0
2 years ago
Canada and the U.S. both produce wheat and computer software. Canada is said to have the comparative advantage in producing whea
timurjin [86]

Answer:

The correct answer is <em>d. Canada requires fewer resources than the U.S. to produce a bushel of wheat.</em>

Explanation:

A country (in this case Canada) has a comparative advantage over another country (in this case the United States) to produce a certain product (in this case wheat) if the production costs of that product (wheat) are less than from the other country, regardless of the opportunity cost of producing that other product in that country.

The comparative advantage is based on the fact that the country has developed greater efficiency in the use of resources or that it has greater ease of access to them due to better conditions of nature, greater technological development in the field in question, human capital more specialized in that economic field, etc.

The opportunity cost of producing a product or another in the same country does not affect a deterioration or increase of the comparative advantage developed to produce such a product.

6 0
2 years ago
Karen bought her house in 1980 for $78,500. In 2005, it was worth $850,000. What’s the rate of return on Karen’s investment?
motikmotik

Answer:

the rate of return on Karen investment is 10%

Explanation:

Given that

Bought price = P = $78500

Sale price = S =$850,000

Time priod = n = 25 years (1980 to 2005)

Based on the above information

The Rate of return is

= (S ÷ P)^(1 ÷ n) - 1

= ($850,000 ÷ $78,500)^(1 ÷ 25) - 1

= 0.099973

= 10.00%

hence, the rate of return on Karen investment is 10%

We simply applied the above formula

8 0
1 year ago
Kochi Services was formed on May 1, 2020. The following transactions took place during the first month (amounts in thousands). T
IceJOKER [234]

Answer:

See explanation Section Below:

Explanation:

Requirement A

                               Kochi Services

                                Journal entry

1. May 1   Cash            Debit           INR40,000

               Capital               Credit              INR40,000

<em>(Invested cash as sole owner but not for common stock)</em>

2. No entry required

<em>(Because the owner has not paid the wages for the employees)</em>

3. Prepaid Rent                Debit          INR24,000

Cash                                     Credit            INR24,000

<em>(Signed a rental agreement of 2 years for a warehouse by paying cash in advance)</em>

4. Furniture and Equipment    Debit        INR30,000

Cash                                                    Credit           INR10,000

Accounts payable                               Credit           INR20,000

<em>(Purchase furniture and equipment on account and cash)</em>

5. Prepaid Insurance              Debit          INR1,800

Cash                                         Credit         INR1,800

<em>(Paid insurance in advance for furniture and equipment)</em>

6. Office supplies             Debit     INR420

Cash                                  Credit      INR420

<em>(Paid cash for office supplies)</em>

7. Office supplies         Debit      INR1,500

Accounts payable           Credit      INR1,500

<em>(Purchase office supplies on account)</em>

8. Cash                         Debit        INR8,000

Accounts receivable   Debit        INR12,000

Revenues                                Credit       INR20,000

<em>(Receive cash for providing services and performed services on account)</em>

9. Accounts payable    Debit       INR400

Cash                              Credit           INR400

<em>(Paid cash for office supplies due on transaction 7)</em>

10. Cash            Debit     INR3,000

Accounts receivable  Credit     INR3,000

<em>(Receive cash from customers due on transaction 8)</em>

11. Utilities expense   Debit     INR380

Utilities payable           Credit     INR380

<em>(Utilities bill to be paid on the next month)</em>

12. Salaries expense        Debit     INR6,100

Cash                                     Credit    INR6,100

(Paid cash on salaries expenses)

Requirement B

See the image below

Requirement C

                          Kochi Services

                           Trial Balance

                           May 31, 2020

Account Title                                Debit (INR)          Credit (INR)

Cash                                                8,280

Accounts Receivable                     9000

Capital                                                                           40,000

Prepaid Rent                     24,000

Furniture & Equipment    30,000

Prepaid Insurance            1,800

Salaries Expense            6,100

Accounts Payable                                             21,100

Utilities Expense             380

Revenues                                                     20,000

Office Supplies             1920

<u>Utilities Payable                                              380          </u>

Total                                         INR 81,480              INR 81,480

8 0
2 years ago
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Lena [83]

Answer:

A) anchoring bias

Explanation:

Anchoring bias refers to a common mistake of relying heavily on the first information that we get, or in this case, the first information that we look for.

We all tend to suffer from anchoring bias, that is why it is one of the oldest sales techniques. Everyone has seen an ad that states a before price and a discount price. If the difference between the before price and the after price are significant, then we will consider that it is a bargain. Or a salesperson first shows us an expensive product, and then shows us a similar but lower priced product, we tend to believe the second product is cheap.

When most of us look for a job, of course we focus on the salary, since we want to work to earn money. But only focusing on the salary is seeing only half the picture, although the most important half. Other associated benefits or costs are usually not considered, e.g. a high paying job might also require dressing formally or spending a lot of time travelling.

3 0
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