MAT1402 Rasmussen College Probability and Financial Math Questions

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Mathematics

MAT1402

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For this module's assignment review the following.

  1. In the following problem give your answer using the notation nPr or nCr. You don't have to give an actual numerical answer.
    1. There are 10 athletes entered in a race. If a gold, silver, or bronze medal is given to three of the athletes, in how many ways can one pick the winners of the gold, silver, and bronze medals?
    2. There are 10 athletes entered in a race. If three identical gold medals are given to the group of athletes, in how many ways can one pick the winners of the gold medals?
  2. A card is drawn out of a standard deck of 52 cards. Each card can be described by giving its "rank" (A, 2, 3, 4,...10, J, Q, K) and its "suit" (H for hearts, C for clubs, D for diamonds, and S for spades). For example, 2S denotes the two of spades and KH denotes the king of hearts. Write out the event described by each of the following statements as a set.
    1. E1: "draw a king."
    2. E2: "draw a heart."
    3. E3: "draw a face card." (A "face" card is a jack, queen, or king.)
    4. E4: "draw a joker."

  3. A card is drawn at random out of a well-shuffled deck of 52 cards. Find the probability of each of the following events. (Do problem #2 first.)
    1. E1: "draw a king."
    2. E2: "draw a heart."
    3. E3: "draw a face card." (A "face" card is a jack, queen, or king.)
    4. E4: "draw a joker."
  4. Out of 420 students who took a statistics test, 260 passed. What percentage of the students passed the test?
  5. An employee's hourly wage increased from $11.00 per hour to $13.50 per hour. What is the percentage increase in their wage?
  6. Suppose that you deposit $3,250.00 in a savings account that pays 0.4% annual simple interest.
    Assuming no withdrawals are made, find the balance in the account after 6 years.
    Round your answer to the nearest penny.
  7. Suppose that you deposit $3,250.00 in a savings account that pays 0.4% annual interest, with interest credited to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 6 years. Round your answer to the nearest penny.
  8. Suppose $3,250.00 is invested in a savings account with an APR of 0.4% compounded monthly. Assuming no withdrawals are made, find the balance in the account after 6 years. Round your answer to the nearest penny.


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1. In the following problem give your answer using the notation nPr or nCr. You don't have to give an actual numerical answer. a. How many ways can one pick the winners of the gold, silver, and bronze medals? b. How many ways can one pick the winners of the gold medals? 2. Write out the event described by each of the following statements as a set. a. b. c. d. E1: E2: E3: E4: "draw a king." "draw a heart." "draw a face card." (A "face" card is a jack, queen, or king.) "draw a joker." 3. Find the probability of each of the following events. (Do problem #2 first.) a. b. c. d. E1: "draw a king." E2: "draw a heart." E3: "draw a face card." (A "face" card is a jack, queen, or king.) E4: "draw a joker." 4. What percentage of the students passed the test? 5. What is the percentage increase in their wage? 6. Assuming no withdrawals are made, find the balance in the account after 6 years. Round your answer to the nearest penny. 7. Assuming no withdrawals are made, find the balance in the account after 6 years. Round your answer to the nearest penny. 8. Assuming no withdrawals are made, find the balance in the account after 6 years. Round your answer to the nearest penny.
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Explanation & Answer

Please find all answers in attached DOC and PDF. Please note both files are exactly same, content-wise. Please let me know, if you have any doubt.Thanks

1. In the following problem give your answer using the notation nPr or nCr. You don't have
to give an actual numerical answer.
a. How many ways can one pick the winners of the gold, silver, and bronze medals?
b. How many ways can one pick the winners of the gold medals?
Solution:
a. 10P3
b. 10C3
2. Write out the event described by each of the following statements as a set.
a.
b.
c.
d.

E1:
E2:
E3:
E4:

"draw a king."
"draw a heart."
"draw a face card." (A "face" card is a jack, queen, or king.)
"draw a joker."

Solution:
a. {𝐾𝐻, 𝐾𝐶, 𝐾𝐷, 𝐾𝑆}
b. {𝐴𝐻, 1𝐻, 2𝐻, 3𝐻, 4𝐻, 6𝐻, 7𝐻, 8𝐻, 9𝐻, 10𝐻, 𝐽𝐻, 𝑄𝐻, 𝐾𝐻}
c. {𝐾𝐻, 𝐾𝐶, 𝐾𝐷, 𝐾𝑆, 𝑄𝐻, 𝑄𝐶, 𝑄𝐷, 𝑄𝑆, 𝐽𝐻, 𝐽𝐶, 𝐽𝐷, 𝐽𝑆}
d. {} 𝑜𝑟 𝜙
3. Find the probability of each of the following events. (Do problem #2 first.)
a.
b.
c.
d.

E1: "draw a king."
E2: "draw a heart."
E3: "draw a face card." (A "face" card is a jack, queen, or king.)
E4: "draw a joker."

Solution:
a. There are total 52 cards, out of which, 𝐸1 {KH, KC, KD, KS} contains 4 cards,
4
1
So, 𝑝𝑟𝑜𝑏𝑎𝑏𝑖𝑙𝑖𝑡𝑦 = =
52

13

b. There are total 52 cards, out of which,
𝐸2 {𝐴𝐻, 1𝐻, 2𝐻, 3𝐻, 4𝐻, 6𝐻, 7𝐻, 8𝐻, 9𝐻, 10𝐻, 𝐽𝐻, 𝑄𝐻, 𝐾𝐻} contains 13 cards,
13
𝟏
So, 𝑝𝑟𝑜𝑏𝑎𝑏𝑖𝑙𝑖𝑡𝑦 = =
52

𝟒

c. There are total 52 cards, out of which,
𝐸3 {KH, KC, KD, KS, QH, QC, QD, QS, JH, JC, JD, JS} contains 12 cards,
12
𝟑
So, 𝑝𝑟𝑜𝑏𝑎𝑏𝑖𝑙𝑖𝑡𝑦 = =
52

d. 𝐸4 is a null set,
So, 𝑝𝑟𝑜𝑏𝑎𝑏𝑖𝑙𝑖𝑡𝑦 =

0
52

𝟏𝟑

=𝟎

4. What percentage of the students passed the test?
Solution:

𝑝𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑠𝑡𝑢𝑑𝑒𝑛𝑡𝑠 𝑝𝑎𝑠𝑠𝑒𝑑 𝑡ℎ�...


Anonymous
Really useful study material!

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