We have been given that Clare made $160 babysitting last summer. She put the money in a savings account that pays 3% interest per year. If Clare doesn't touch the money in her account, she can find the amount she'll have the next year by multiplying her current amount 1.03.
We are asked to write an expression for the amount of money Clare would have after 30 years if she never withdraws money from her account.
We will use exponential growth function to solve our given problem.
An exponential growth function is in form 
, where
y = Final value,
a = Initial value,
r = Growth rate in decimal form,
x = Time.
We can see that initial value is $160. Upon substituting our given values in above formula, we will get:
To find amount of money in Clare's account after 30 years, we need to substitute 
in our equation.
Therefore, the expression 
represents the amount of money that Clare would have after 30 years.
Let <span>Jacob, Carol, Geraldo, Meg, Earvin, Dora, Adam, and Sally be represented by the letters J, C, G, M, E, D, A, and S respectively. </span>
<span>In part IV we are asked:
</span><span>What is the sample space of the pairs of potential clients that could be chosen?
</span><span>
Since the Sample Space is the set of all possible outcomes, we need to make a set (a list) of all the possible pairs, which are as follows:
{(J, C), (J, G), (J, M), (J, E), (J, D), (J, A), (J, S)
, </span>(C, G), (C, M), (C, E), (C, D), (C, A), (C, S)
<span>
</span> , (G, M), (G, E), (G, D), (G, A), (G, S)
<span>
,</span>(M, E), (M, D), (M, A), (M, S)
<span>
, </span>(E, D), (E, A), (E, S) <span>
, </span>(D, A), (D, S)
, (A, S).}
We can check that the number of the elements of the sample space, n(S) is
1+2+3+4+5+6+7=28.
This gives us the answer to the first question: <span>How many pairs of potential clients can be randomly chosen from the pool of eight candidates?
(Answer: 28.)
II) </span><span>What is the probability of any particular pair being chosen?
</span>
The probability of a particular pair to be picked is 1/28, as there is only one way of choosing a particular pair, out of 28 possible pairs.
III) <span>What is the probability that the pair chosen is Jacob and Meg or Geraldo and Sally?
The probability of choosing (J, M) or (G, S) is 2 out of 28, that is 1/14.
Answers:
I) 28
II) 1/28</span>≈0.0357
III) 1/14≈0.0714
IV)
{(J, C), (J, G), (J, M), (J, E), (J, D), (J, A), (J, S)
, (C, G), (C, M), (C, E), (C, D), (C, A), (C, S)
, (G, M), (G, E), (G, D), (G, A), (G, S)
,(M, E), (M, D), (M, A), (M, S)
, (E, D), (E, A), (E, S)
, (D, A), (D, S)
, (A, S).}
