David is 22 years old. He buys 100/300/50 liability insurance, collision insurance with a $100 deductible, and comprehensive ins
1 answer:
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Answer:
a) 0.0392
b) 0.4688
c) At least $39,070 to be among the 5% most expensive.
Step-by-step explanation:
Problems of normally distributed samples can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this problem, we have that:
a. What is the probability that a wedding costs less than $20,000 (to 4 decimals)?
This is the pvalue of Z when X = 20000. So
has a pvalue of 0.0392.
So this probability is 0.0392.
b. What is the probability that a wedding costs between $20,000 and $30,000 (to 4 decimals)?
This is the pvalue of Z when X = 30000 subtracted by the pvalue of Z when X = 20000.
X = 30000
has a pvalue of 0.5080.
X = 20000
has a pvalue of 0.0392.
So this probability is 0.5080 - 0.0392 = 0.4688
c. For a wedding to be among the 5% most expensive, how much would it have to cost (to the nearest whole number)?
This is the value of X when Z has a pvalue of 0.95. So this is X when Z = 1.645.
The wedding would have to cost at least $39,070 to be among the 5% most expensive.
Answer:
My gain in that year is - $ 176.5
Step-by-step explanation:
I have $ 1,500 in my investment account. Rate of interest for a year in my investment account = 8.5 %.
So, the amount of money I am making on my investment in a year,
= $
= $ 127 .5
I owe $ 1600 on a credit card . Rate of interest a year on this credit card debt, = 19 % .
So, the money I am paying in interest in a year on my card,
= $
= $ 304
Since, neither I withdraw money from my investment account except the interest , nor I pay my whole credit card debt except the interest, so, my gain in that year,
= $ (127.5 - 304)
= - $ 176.5
So, my loss in that year is $ 176.5
Evaluate the expression using x = –1 and y=3.
1. Substitute the values for the variables.
we plug in -1 for x and 3 for y
2. Identify grouping symbols, beginning with the innermost symbols.
We take exponent and then we multiply
3. Determine and apply the rules of exponents to simplify
(-1)^4 = -1 * -1 * -1 * -1 = 1
(3)^3 = 3*3*3= 27
4. Evaluate.
162
The value of the expression is 162