1) Suppose a credit card borrower has a debt of $4000 with an interest rate of 24%. Assume the credit card company compounds daily. How long will it take the debt to double?

Q: How long will it take for an initial investment of $ 133000 to reach a balance of \$1,000,000 ,…

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Q: 6. How much more money would you have by investing $100,000 for 1 year into an account paying 4.2%…

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Q: b) Suppose that the amount in an account 3 years after being invested at 7% is $6050. What was the…

A: A=P1+rtr=rate p= principal amountA = amoiunt

Q: Mrs. Aquino retires at the age of 63 and uses her life savings of 120,000 to purchase an annuity.…

A: Consider the provided question, Given, PV (present value) = 120,000 Interest rate (i) = 6% = 0.06…

Q: Assume that cigarettes cost $9.50 per pack and consider a 20 year old  college student smoker who…

A: Here given  cost of 1 cigarette= $ 9.5 and college student somkes 16 packs per month  And now he…

Q: Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put…

A: The number of monthly installments required to get a certain FV n=ln(Fvi+cp)-ln(cp)ln(c+i)-ln c FV =…

Q: A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one…

A: The formula relates present value(P), future value(F), interest rate(i) and the number of years(n)…

Q: If an amount of $1735 is borrowed at a simple-interest rate of 4% for 6 years. Then the…

A: As we know that the expression for the simple interest is:   Simple Interest=PRT   Where,…

Q: 5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple interest…

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Q: A $50,000 retirement pension is to be invested into two accounts: a money market fund that pays 8.5%…

A: An amount of $50,000 is invested in two accounts that pays 8.5% and 10.5%. Yearly interest is $4550.…

Q: A small construction company has $135,000 set aside in a capital improvement fund to purchase new…

A: $24,000 is invested at 24% per year, interest gained in one year =$24,000×0.24=$5,760 $38,000 is…

Q: What sum must be deposited today at 10 % per year compound quarterly, if the goal is to have a…

A: Let S be the sum deposited . and Let A be the compound  amount i.e. A=$50,000 Now t=6 years It is…

Q: How much interest will be charged on ₱ 7,300 borrowed for (3) years at a simple interest rate of 12%…

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Q: 1) At what simple interest rate per annum will P35,500 accumulate to P61,000.00 in 6 years and 9…

A: Since you have posted a multiple question according to guildlines I will solve first question for…

Q: You want to be able to withdraw $35,000 from your account each year for 15 years after you retire.…

A: We have to find how much will we need to deposit each year until retirement to achieve our…

Q: At what simple interest rate per annum will ₱20,000 accumulate to ₱25,000 in 3 years?

A: Solution:-

Q: your Visa credit card has an APR of 14.49%, compounded monthly and your current balance is $425.69.…

A: Given query is to find the time required to pay the amount.

Q: A $1,000,000 lottery prize pays $50,000 per year for the next 20 years. If the current rate of…

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Q: At what rate of simple interest an amount will double itself on 10 years?

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Q: What would be the selling price of a 10-year bond with a face value of P100,000, interest at 20%…

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Q: How much interest will be charged on ₱7,300 borrowed for three (3) years at a simple interest rate…

A: To find Interest charged charged on 7,300 borrowed for three (3) years at a simple interest rate of…

Q: 3)if a child is given $25,000 at birth and that amount is invested at 9% annual interest, at what…

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Q: A mutual fund pays 7% compounded monthly. How much should I invest now so that 2 years from now I…

A: fomula A=P(1+rn)nt

Q: If an investment company pays 6.5% compounded semi – annually, how much should you deposit now to…

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Q: 2.     Suppose Lita lends to Lito ₱13,650.00 under the condition that simple interest will be…

A: We need to determine the amount that Lito needs to pay after 1 year and the interest earned by Lita.…

Q: A person wants to invest $11,000 for 3 years and is considering two different investments. The first…

A: Given,  a person wants to invest $11, 000 for 3 years and is considering two different investments.…

Q: What nominal rate of interest convertible once every four years is equivalent to a nominal rate if…

A: What nominal rate of interest convertible once every four years is equivalent to a nominal rate if…

Q: If you owe $2000 on a credit card with 18% annual interest compounded monthly, how i) much money…

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Q: If you need $50,000 five years from now, what is the minimum amount of money you need to deposit…

A: Let I have to deposit $P  Final amount=A=50000 Time=t=5 years Interest rate=3%=0.03   a) Number of…

Q: 1. Mohammed estimate that he will need RO 10,000 in 5 years to fund his university education. How…

A: There are multiple question, As per company policy ask other question separately . P = initial…

Q: The highway department expects the cost of maintenance  for a piece of heavy construction equipment…

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Q: If $5,700 is loaned for 16 months at a 12% annual rate, how much interest is earned?

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Q: Suppose Billy is carrying forward a $1900 tuition balance from the previous month. His annual…

A: Billy is carrying forward a$1900 tution balance from the previous month. Annual interest rate of…

Q: If a lender charges 12% interest, compounded quarterly, what effective annual interest rate is the…

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Q: How much interest will you have to pay for a credit card balance of $660 that is 1 month overdue, if…

A: I have stated the used formula in the solution

Q: You want to be able to withdraw $20,000 from your account each year for 15 years after you retire.…

A: Deposit amount per year should be:-

Q: If the inflation rate is 4.85% compounded annually, how long will it take for prices to double?

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Q: 16. How long will an amount of money triple at a simple interest rate of 5% per annum?

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Q: 1. A business loan of 1,200,000 pesos is to be paid in full after 5 years. If the interest rate is…

A: Multiple questions-"As per our guidelines we are suppose to answer only one question.Kindly re-post…

Q: How long will it take 4,000 pesos to double if a simple interest of 10% per annum is applied?

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Q: 4. How long will 1 million pesos earn a simple interest of 200.000 at 2% per annum?

A: Since you have asked multiple questions, we will solve the fourth question for you simple interest…

Q: Suppose you deposit $5,000 into an account earning 5% per annum. How many years will it take for…

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Q: 4. a. Suppose that betwee 401(k) and your employer 8.3%compounded annually dollar, after 18 years?

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Q: At what interest rate must $112,000 be invested so that it'll be worth $392,000 in 14 years?

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Q: What annual rate of simple interest is necessary to give interest of $416 on a principal of $800…

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Q: 5. How long will an amount of P50,000 gain a simple interest of P10,000 at 4% per annum?

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Q: If the annual rate of inflation is 4%, find the price of a good at the end of a year if its price at…

A: Let the price at the end of the year is x then by the formula of inflation x-2525×100=4% Because…

Compound Probability

Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent. 

Tree diagram

Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described. 

Conditional Probability

By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.