5. Margaret deposits $1,000 in a savings account that pays 5.4% interest compounded
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Answer:
b. 0.864
Step-by-step explanation:
Let's start defining the random variables.
Y1 : ''Number of customers who spend more than $50 on groceries at counter 1''
Y2 : ''Number of customers who spend more than $50 on groceries at counter 2''
If X is a binomial random variable, the probability function for X is :
Where P(X=x) is the probability of the random variable X to assume the value x
nCx is the combinatorial number define as :
n is the number of independent Bernoulli experiments taking place
And p is the success probability.
In counter I :
Y1 ~ Bi (n,p)
Y1 ~ Bi(2,0.2)
With y1 ∈ {0,1,2}
And P( Y1 = y1 ) = 0 with y1 ∉ {0,1,2}
In counter II :
Y2 ~ Bi (n,p)
Y2 ~ Bi (1,0.3)
With y2 ∈ {0,1}
And P( Y2 = y2 ) = 0 with y2 ∉ {0,1}
(1Cy2) with y2 = 0 and y2 = 1 is equal to 1 so the probability function for Y2 is :
Y1 and Y2 are independent so the joint probability distribution is the product of the Y1 probability function and the Y2 probability function.
With y1 ∈ {0,1,2} and y2 ∈ {0,1}
P( Y1 = y1 , Y2 = y2) = 0 when y1 ∉ {0,1,2} or y2 ∉ {0,1}
b. Not more than one of three customers will spend more than $50 can mathematically be expressed as :
when Y1 = 0 and Y2 = 0 , when Y1 = 1 and Y2 = 0 and finally when Y1 = 0 and Y2 = 1
To calculate we must sume all the probabilities that satisfy the equation :