Mackenzie took out a payday loan for $1100 that charged a $95 fee. If the loan matures in 2 weeks, what is the approximate effec
2 answers:
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Answer:
The linear equation is;
Y = 450 - 2·X
Please find the included graph
Step-by-step explanation:
Whereby we have the following relation;
The cost of 1 pizza = X
The cost of 1 burger = Y
Hence;
450 = Y + 2·X
Which gives;
Y = 450 - 2·X
The linear equation for the situation is therefore as presented above
The graph of the linear equation can be plotted using the assumed data as follows;
Y, X
1, 448
2, 446
3, 444
4, 442
5, 440
6, 438
7, 436
8, 434
9, 432
10, 430
11, 428
12, 426
13, 424
14, 422
15, 420
16, 418
Answer:
71.08% probability that pˆ takes a value between 0.17 and 0.23.
Step-by-step explanation:
We use the binomial approxiation to the normal to solve this question.
Binomial probability distribution
Probability of exactly x sucesses on n repeated trials, with p probability.
Can be approximated to a normal distribution, using the expected value and the standard deviation.
The expected value of the binomial distribution is:
The standard deviation of the binomial distribution is:
Normal probability distribution
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.
When we are approximating a binomial distribution to a normal one, we have that ,
.
In this problem, we have that:
. So
In other words, find probability that pˆ takes a value between 0.17 and 0.23.
This probability is the pvalue of Z when X = 200*0.23 = 46 subtracted by the pvalue of Z when X = 200*0.17 = 34. So
X = 46
has a pvalue of 0.8554
X = 34
has a pvalue of 0.1446
0.8554 - 0.1446 = 0.7108
71.08% probability that pˆ takes a value between 0.17 and 0.23.