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Hs Statistics With Solution

Content type
User Generated
Subject
Statistics
School
University of Maryland University College
Type
Homework
Rating
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Part 1.
1. PV = (

)(1 -

)
350000 = (


)(1 -


)
PMT = 1,362.99
Where:
PV = mortgage amount
PMT = monthly payment
i = interest rate per month in decimal (interest rate percentage divided by 12)
n = number of months
2. SI = P*R*T
480 = 8000*0.02*T
T = 3 years
T = 3*12 = 36 months
Where:
SI = simple interest
P = principal or the amount borrowed
R = rate of interest
T = time
3. CI = P(1 +

P
CI = 8000(1 +


CI = $621.06
Where:
CI = compound interest
P = principal or the amount borrowed
r = annual interest rate in decimal
n = number of times the interest is compounded
t = time

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Part 2.
1. mean = sum of the terms/number of terms
mean = 5950/10
mean = 595 minutes
2. % Exceed = (YOU mean)/mean x 100
% Exceed = (650 595)/595 x 100
% Exceed = 9.24%
3. median =

median = 425 minutes
4. % Fall = (YOU median)/median x 100
% Fall = (300 425)/425
% Fall = 29.41%
Part 3.
1. Probability =


Probability = 11/33 = 1/3
Probability = 0.33
2. Number of ways =



Number of ways =



Number of ways = 5,456 ways
3. Number of ways =



Number of ways =



Number of ways = 455 ways
Probability = 455/5456
Probability = 0.08

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Unformatted Attachment Preview
Part 1. 1. PV = ( 𝑃𝑀𝑇 𝑖 1 )(1 - (1+𝑖)𝑛) 𝑃𝑀𝑇 350000 = ( )(1 - (0.0239/12) 1 (1+(0.0239/12))(30∗12) ) PMT = 1,362.99 Where: PV = mortgage amount PMT = monthly payment i = interest rate per month in decimal (interest rate percentage divided by 12) n = number of months 2. SI = P*R*T 480 = 8000*0.02*T T = 3 years T = 3*12 = 36 months Where: SI = simple interest P = principal or the amount borrowed R = rate of interest T = time 𝑟 3. CI = P(1 + )𝑛𝑡 – P 𝑛 CI = 8000(1 + 0.025 4∗3 ) 4 CI = $621.06 Where: CI = compound interest P = principal or the amount borrowed r = annual interest rate in decimal n = number of times the interest is compounded t = time Part 2. 1. mean = sum of the terms/number of terms mean = 5950/10 mean = 595 minutes 2. % Exceed = (YOU – mean)/mean x 100 % Exceed = (650 – 595)/595 x 100 % Exceed = 9.24% 3. median = ...
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