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1 year ago

11

Liza's cousin Marie bought her a ring for 250 euros in France. Liza wants to pay Marie for it in U.S. dollars. If the foreign ex

change rate between the U.S. dollar and euro is 1:0.6, how much should Liza pay Marie?

1 answer:

EleoNora [17]1 year ago

4 0

Answer:

416.67 dollars

Step-by-step explanation:

the exchange rate between U.S. dollar and euro is given as

Exchange rate = 1:0.6

1 U.S. dollar /1 euro = 0.6

cross-multiplying both side

1 x 1 U.S. dollar = 0.6 x 1 euro

1 U.S. dollar = 0.6 euro

multiplying both side by 10

10 U.S. dollar = 0.6 x 10 euro

10 U.S. dollar = 6 euro

dividing both side by "6"

10 U.S. dollar/6 = 6 euro/6

(10/6) U.S. dollar = 1 euro

1 euro = (10/6) U.S. dollar

the ring was bought for 250 euros , we need to convert 250 euros in dollars.

multiplying both side by 250

250 x 1 euro = (250 x 10/6) U.S. dollar

250 euro = 416.67 U.S. dollar

so liza should pay 416.67 U.S. dollar to marie.

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The answer is explained below

Step-by-step explanation:

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Step-by-step explanation:

Data given and notation

n=150 represent the random sample taken

X=67 represent the applicants who request financial aid

$\hat p=\frac{67}{150}=0.447$ estimated proportion of applicants who request financial aid

$p_o=0.35$ is the value that we want to test

$\alpha$ represent the significance level

z would represent the statistic (variable of interest)

$p_v$ represent the p value (variable of interest)

Concepts and formulas to use

We need to conduct a hypothesis in order to test the claim that the true proportion of applicants who request financial aid is higher than 0.35.:

Null hypothesis: $p\leq 0.35$

Alternative hypothesis: $p > 0.35$

When we conduct a proportion test we need to use the z statistic, and the is given by:

$z=\frac{\hat p -p_o}{\sqrt{\frac{p_o (1-p_o)}{n}}}$ (1)

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Statistical decision

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