The solution to the system of equations is (23, -72).
How to find system of equations ?The first equation is y = -72, which means that whatever the value of x is, the value of y will always be -72.
Substituting y = -72 in the second equation, we get:
7x + 2(-72) = 20
Simplifying this equation, we get:
7x - 144 = 20
Adding 144 to both sides, we get:
7x = 164
Dividing both sides by 7, we get:
x = 23.428571...
So the solution to the system of equations is the ordered pair (x, y) = (23.428571..., -72).
However, we usually express solutions as ordered pairs of integers, so we can round x to the nearest integer to get:
(x, y) = (23, -72)
Therefore, the solution to the system of equations is (23, -72).
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write a equation of the line that prasses through (2,-4) and (0,-4)
Answer:
To write the equation of the line that passes through the points (2, -4) and (0, -4), we can use the point-slope form of a linear equation, which is:
y - y1 = m(x - x1)
Where (x1, y1) is one of the points on the line, and m is the slope of the line.
In this case, both points have the same y-coordinate, which means that the line is horizontal and has a slope of 0. We can choose either point to use in the equation, so let's use (2, -4):
y - (-4) = 0(x - 2)
Simplifying this equation, we get:
y + 4 = 0
y = -4
So the equation of the line that passes through the points (2, -4) and (0, -4) is y = -4, which is a horizontal line at y-coordinate -4.
when a biased coin is tossed, heads is three times as likely to come up as tails. rearrange the following procedure in the correct order to find the probability that should be assigned to the outcome of heads and tails?
The probability of heads is 3 times that of tails, so the probability of heads is 0.75 and the probability of tails is 0.25.
Assign a probability of 0.5 to heads
Assign a probability of 0.25 to tails
When a biased coin is tossed the probability of heads is three times as likely to come up as tails.
To find the probability that should be assigned to the outcome of heads and tails the first step is to calculate the probability of heads.
Once this is done,
The probability of heads can be assigned a value of 0.5 and the probability of tails can be assigned a value of 0.25.
After that,
The probability of heads and tails can be calculated accordingly.
The probability of heads and tails when a biased coin is tossed, the first step is to calculate the probability of heads.
Once this is done the probability of heads can be set to 0.5 and the probability of tails can be set to 0.25.
With these probabilities assigned the probability of heads is three times that of tails.
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URGENT!! Will give brainliest :)
What is the equation for the line of best fit for the following data? Round the slope and -intercept of the line to three decimal places.
A. y=-0.580×+ 10.671
B. y=-10.671 x+ 0.580
C. y= 10.671 x-0.580
D. y= 0.580x - 10.671
To find the equation for the line of best fit, we can use linear regression. Based on the given data:
x: 2, 5, 7, 12, 16
y: 9, 10, 5, 3, 2
The equation for the line of best fit would be in the form: y = mx + b, where m is the slope and b is the y-intercept.
Using a calculator or statistical software, we can calculate the slope and y-intercept for the line of best fit.
The result is:
Slope (m): -0.580 (rounded to three decimal places) Y-intercept (b): 10.671 (rounded to three decimal places)
So, the correct answer is:
A. y = -0.580x + 10.671
of the cartons produced by a company, 3% have a puncture, 6% have a smashed corner, and 1.4% have both a puncture and a smashed corner. find the probability that a randomly selected carton has a puncture or a smashed corner.
The probability that a randomly selected carton has a puncture or a smashed corner is 0.076, or 7.6%.
What is probability?
Probability is a measure of the likelihood of an event occurring. It is a number between 0 and 1, where 0 means the event is impossible and 1 means the event is certain to happen.
To find the probability that a randomly selected carton has a puncture or a smashed corner, we can use the formula:
P(puncture or smashed corner) = P(puncture) + P(smashed corner) - P(puncture and smashed corner)
where P(puncture) is the probability of a carton having a puncture, P(smashed corner) is the probability of a carton having a smashed corner, and P(puncture and smashed corner) is the probability of a carton having both a puncture and a smashed corner.
Substituting the given probabilities into the formula, we get:
P(puncture or smashed corner) = 0.03 + 0.06 - 0.014
P(puncture or smashed corner) = 0.076
Therefore, the probability that a randomly selected carton has a puncture or a smashed corner is 0.076, or 7.6%.
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In an all boys school, the heights of the student body are normally distributed with a mean of 69 inches and a standard deviation of 3.5 inches. What is the probability that a randomly selected student will be taller than 63 inches tall, to the nearest thousandth?
The probability that a randomly selected student will be taller than 63 inches tall is 0.9332, to the nearest thousandth.
a marketing organization claims that less than 15% of its employees are paid minimum wage. if a hypothesis test is performed that fails to reject the null hypothesis, how would this decision be interpreted? g
If a hypothesis test is performed and fails to reject the null hypothesis, it would mean that there is not enough evidence to support the claim that less than 15% of the marketing organization's employees are paid minimum wage.
Therefore, it would not be concluded that the claim is true. The null hypothesis assumes that the claim is false or that the percentage of employees paid minimum wage is not significantly different from 15%.
The failure to reject the null hypothesis means that the evidence does not contradict the null hypothesis, but it does not necessarily prove it to be true.
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To the nearest tenth, the solution to the equation
4,300e^0.07x-123=5,000 is
The solution to the equation 4,300e^(0.07x) - 123 = 5,000 for x is 2.5.
Evaluating the equation for xWe can solve the equation 4,300e^(0.07x) - 123 = 5,000 for x by first adding 123 to both sides and then dividing both sides by 4,300 and taking the natural logarithm of both sides:
Using the above as a guide, we have the following:
4,300e^(0.07x) - 123 = 5,000
4,300e^(0.07x) = 5,123
e^(0.07x) = 5,123/4,300
e^(0.07x) = 1.1914
0.07x = ln(1.1914)
x = ln(1.1914)/0.07
Using a calculator, we get:
x ≈ 2.50
Rounding to the nearest tenth, the solution to the equation is approximately 2.5.
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Happy birthday Rainbowww :)
Question: What is the pathagorean therom?
Answer: c=a2+b2
Step-by-step explanation:
Find a degrees. a 12 13 5
In the given triangle, α is equal to 67.36°.
What is a triangle's definition?
A triangle is a two-dimensional closed geometric form that has three sides, three angles, and three vertices (corners). It is the most basic polygon, produced by joining any three non-collinear points in a plane. The sum all angles of a triangle is always 180°. Triangles are classed according to their side length (equilateral, isosceles, or scalene) and angle measurement (acute, right, or obtuse).
Now,
Using Trigonometric functions
We can use the sine function
So,
Sin α=Perpendicular/Hypotenuse
Sin α = 12/13
α=67.36°
Hence,
The value of α will be 67.36°.
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The distance between two cities on a map is 17 centimeters. The scale on the map relates 5 centimeters on the map as 30 miles on the road. What is the actual distance, in miles, between the two cities?
Answer: 102 miles.
Step-by-step explanation:
You divide 17 by 5 and then multiply by 30.
A ball is dropped from a height of 32 m.
With each bounce, the ball reaches a
height that is half the height of
the previous bounce. After
which bounce will the ball
rebound to a maximum
height of 25 cm?
_________are important to a systems analyst who must work with people at all organizational levels, balance conflicting needs of users, and communicate effectively.
Organizational skills
Organizational skills and the ability to communicate effectively are crucial for a systems analyst who needs to work with individuals at all levels of an organization, manage conflicting user needs, and ensure that information is communicated clearly and efficiently. Interpersonal skills are important to a systems analyst who must work with people at all organizational levels, balance conflicting needs of users, and communicate effectively. The knowledge and skills in leadership and strategic management are essential for the creation and achievement of an organizational vision and strategy. These skills include effective communication, decision-making, and the ability to evaluate and measure success, as well as a deep understanding of the organization and its environment. Leadership and strategic management play a crucial role in the success of any organization. A strong and effective leader with a well-developed understanding of strategic management is essential for the creation and achievement of an organizational vision and strategy.
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please someone help and give answers !!!
16.) Mean average deviation= option C
17.) Range of a data set = option E.
18.) First quartile = opinion AB
19.) Second quartile = option B
20.) Third quartile = option A
21.) Interquartile range = option D
How to determine the measures of the spread?
To determine the measures of the spread is to match their various definitions to the correct measures given such as follows:
16.) Mean average deviation: The average deviation of data from the mean.
17.) Range of a data set : The difference between the highest value and the lowest value in a numerical data set.
18.) First quartile: The median in the lower half.
19.) Second quartile: The median value in a data set.
20.) Third quartile: The median in the upper half.
21.) Interquartile range: The distance between the first and the third quartile.
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Last Friday, AT&T closed at $41.68. AT&T pays an annual dividend of $1.98. Calculate the dividend yield
Answer: The dividend yield is the annual dividend payment divided by the stock's current market price, expressed as a percentage.
Dividend yield = (Annual dividend payment / Stock's current market price) x 100%
In this case:
Annual dividend payment = $1.98
Stock's current market price = $41.68
Dividend yield = ($1.98 / $41.68) x 100% = 4.75%
Therefore, the dividend yield for AT&T is 4.75%.
Step-by-step explanation:
I need questions 26-31 for 5 STARS
Answer:
26) 1.32
27) 90
28) 0.00845
29) 2.56x10^-1
30) 9.5x10^-3
31) 7.8x10
how can the power series method be used to solve the nonhomogeneous equation, about the ordinary point ? carry out your idea by solving the equation. you can either attach your work or type in your work.
The power series method can be used to solve a nonhomogeneous differential equation about an ordinary point by finding both a homogeneous and particular solution using a series expansion and the method of undetermined coefficients.
The power series method is a technique used to find a series solution of a differential equation. When applied to a nonhomogeneous differential equation, the method involves finding both a homogeneous solution and a particular solution.
Assuming that the nonhomogeneous differential equation has the form
y''(x) + p(x)y'(x) + q(x)y(x) = f(x)
where p(x), q(x), and f(x) are functions of x, we can begin by finding the solution to the associated homogeneous equation
y''(x) + p(x)y'(x) + q(x)y(x) = 0
Using the power series method, we can assume a solution of the form:
y(x) = a0 + a1(x - x0) + a2(x - x0)^2 + ...
where a0, a1, a2, ... are constants to be determined, and x0 is the ordinary point of the differential equation.
Next, we can find the coefficients of the power series by substituting the series solution into the differential equation and equating coefficients of like powers of (x-x0). This leads to a system of equations for the coefficients, which can be solved iteratively.
After finding the homogeneous solution, we can find a particular solution using a similar method. Assuming a particular solution of the form:
y(x) = u(x) + v(x)
where u(x) is a solution to the associated homogeneous equation, and v(x) is a particular solution to the nonhomogeneous equation, we can use the method of undetermined coefficients to find v(x). This involves assuming a form for v(x) based on the form of f(x), and then solving for its coefficients using the same technique as before.
Once we have found both the homogeneous and particular solutions, we can combine them to obtain the general solution to the nonhomogeneous differential equation.
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Ms.Lewis is comparing computer at an electronic store. she asks the questions shown below. State whether each questions is statistical or not. Explain. What are the prices of the computers?
The question "What are the prices of the computers?" is not a statistical question.
Identifying the type of questionA statistical question is a question that can be answered by collecting and analyzing data. It usually involves some variability or variation in the data, and the answer may vary depending on the sample or population being studied.
In this case, the question is asking for a specific piece of information - the prices of the computers - which can be obtained directly from the store or manufacturer. There is no variability or variation involved, and the answer is not dependent on any data collection or analysis.
Therefore, this question is not a statistical question.
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A scale drawing of a famous statue uses a scale factor of 230:1. If the height of the drawing is 1.2 feet, what is the actual height of the statue?
191.7 feet
228.2 feet
231.2 feet
276 feet
The actual height of the statue is option C 231.2 feet.
What is scale factor?A scale factor is a number used in mathematics to scale or multiply a quantity or measurement by another factor in order to establish a proportional relationship between two identical figures or objects.
In other terms, the scale factor is the ratio of the corresponding lengths, widths, or heights of the two figures or objects if they are similar, that is, they have the same shape but may range in size. This implies that you may determine the dimension of the second object by multiplying one dimension of one object by the scale factor.
Given that the scale factor is 230:1.
Thus,
actual height of statue / 230 = height of drawing / 1.2 feet
Now,
actual height of statue = (1.2 feet / 1.2 feet) * 230
actual height of statue = 230 feet
Hence, the actual height of the statue is option C 231.2 feet.
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If each book is 5$ and I have 133$ then how many books can I buy?
Answer:
26
Step-by-step explanation:
You just divide 133 and 5 and you get 26.6
Answer:
26
Step-by-step explanation:
[tex]\frac{133}{5}[/tex] = 26.6
You cannot buy part of a book, so you can buy 26 books
26 x 5 = 130. You will have $3.00 left over.
Helping in the name of Jesus.
If a monopolistic firm takes over a perfectly competitive market, we would expect to see market price of the good to rise and the quantity sold to increase. Fall as the monopolist tries to increase sales. Fall because demand is perfectly elastic. Rise and quantity sold to fall
In the event that a monopolistic firm takes over superbly competitive advertising, we would anticipate seeing the advertising cost of the great rise and the amount sold drop.
Be that as it may, when a monopolistic firm takes over the showcase, it picks up showcase control and the capacity to impact the cost. The monopolist can charge a better cost than the competitive advertising cost since there are no near substitutes for its item. As the monopolist raises the cost, the amount requested will drop, as customers switch to substitutes or decrease their utilization of the item.
we would anticipate seeing the advertising cost of the great rise and the amount sold fall as the monopolist tries to extend benefits by raising costs. This is often in differentiating from impeccably competitive advertising.
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I need a bit of help please
The slope of the line in the reduced form is 4 / 7.
How to find the slope of a line?The slope of a line is the change in the dependent variable with respect to the change in the independent variable.
Therefore,
slope = m = change in y / change in x
slope = m = y₂ - y₁ / x₂ - x₁
P = (2, 3)
Q = (9, 7)
x₁ = 2
x₂ = 9
y₁ = 3
y₂ = 7
Therefore,
slope = 7 - 3 / 9 - 2
slope = 4 / 7
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Mack's Toy Shop made 600 trains yesterday and found that 30 were defective. They
plan to make 4,500 trains this week.
Using the information given, how many trains are expected to be defective?
225 trains
6,000 trains
15 trains
500 trains
Answer:
225 trains
Step-by-step explanation:
since they are using the same process and materials, we expect them to have the same ratio between trains made and defective trains :
600 / 30 = 20/1
one out of 20 is defect.
so, when they make 4500 trains, we need to divide this by 20 to get the number of expected defective trains :
4500 / 20 = 225
I find the answer option of 6000 defective trains really funny : if that were true, more than the produced trains (4500) would be defective. how ... ?
a battery company makes 12-volt car batteries. after many years of product testing, the company knows that the average life of its battery is normally distributed, with a mean of 44 months and a standard deviation of 7 months. a button hyperlink to the salt program that reads: use salt. (a) if the company guarantees a full refund on any battery that fails within the 36-month period after purchase, what percentage of its batteries will the company expect to replace? (round your answer to two decimal places.) % (b) if the company does not want to make refunds for more than 9% of its batteries under the full-refund guarantee policy, for how long should the company guarantee the batteries (to the nearest month)?
a) The percentage of batteries the company expects to replace is:
0.1271 * 100% = 12.71%
b) The company should guarantee the batteries for 34 months (rounded to the nearest month) to ensure that refunds are not made for more than 9% of its batteries under the full-refund guarantee policy.
Step by step explain about both part of the question?(a) Let X be the random variable representing the life of a battery. We want to find the probability that a battery fails within 36 months after purchase, which is equivalent to finding P(X ≤ 36).
Using the normal distribution formula with mean μ = 44 months and standard deviation σ = 7 months, we have:
Z = (X - μ) / σ = (36 - 44) / 7 = -1.14
Using a standard normal table or calculator, we find that the probability of a standard normal variable being less than or equal to -1.14 is 0.1271. Therefore, the percentage of batteries the company expects to replace is:
0.1271 * 100% = 12.71% (rounded to two decimal places)
(b) Let Y be the random variable representing the length of the guarantee period in months. We want to find the value of Y such that P(X ≤ Y) = 0.09, where X has the same normal distribution with mean μ = 44 months and standard deviation σ = 7 months.
Using the inverse normal distribution formula with mean μ = 44 months and standard deviation σ = 7 months, we have:
Z = invNorm(0.09) = -1.34
where invNorm is the inverse normal function. Solving for Y, we have:
(Y - μ) / σ = Z
(Y - 44) / 7 = -1.34
Y - 44 = -1.34 * 7
Y ≈ 34.42
Therefore, the company should guarantee the batteries for 34 months (rounded to the nearest month) to ensure that refunds are not made for more than 9% of its batteries under the full-refund guarantee policy.
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given are five observations for two variables, and . excel file: data14-25.xlsx the estimated regression equation is . a. what is the value of the standard error of the estimate (to decimals)?
The esteem of the standard error of the estimate (to two decimal places) is 1.34.
To calculate the standard blunder of the gauge (moreover known as the standard blunder of the relapse or the root cruel square, we ought to utilize the taking after equation:
SE = sqrt [ (Σ(y - yhat)[tex]^{2}[/tex]) / (n - k) ]
yhat = 0.471x + 2.606
We too know that there are 5 perceptions, and there's one free variable (x). Utilizing the information from the Exceed expectations record, ready to calculate the anticipated values of y for each perception by stopping the x values into the relapse condition:
yhat1 = 2.696
yhat2 = 3.638
yhat3 = 4.581
yhat4 = 5.524
yhat5 = 6.466
SE = sqrt [ ( (4.75 - 2.696)[tex]^{2}[/tex] + (5.36 - 3.638)[tex]^{2}[/tex]+ (5.95 - 4.581)[tex]^{2}[/tex] + (6.66 - 5.524)[tex]^{2}[/tex]+ (7.03 - 6.466)[tex]^{2}[/tex]) / (5 - 2) ]
SE = sqrt [ (5.3546) / 3 ]
SE = 1.335
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What does the correspondence of angles mean
Answer:
the angles which are formed in matching corners or corresponding corners with the transversal when two parallel lines are intersected by any other line
Find the number of permutations with of the letters in each word 1)CANNON
2)BANANA
3)TOMORROW
4)REFERENCE
The number of possible letter combinations in the words presented is as follows:
CANNON: 2520
BANANA: 120
TOMORROW: 2520
REFERENCE: 20160
What is permutation?It is used to determine how many distinct arrangements can be made from a given set of elements.
1) CANNON: CANNON is made up of seven letters, two of which are identical 'N's. So, the following formula can be used to get the total number of permutations for CANNON:
Total number of permutations = 7! / 2!
= (7 x 6 x 5 x 4 x 3 x 2 x 1) / 2!
= 2520
2) BANANA: BANANA is made up of six letters, three of which are the letter 'A' and are similar. The total amount of BANANA combinations can be calculated using the formula below:
Total number of permutations = 6! / 3!
= (6 x 5 x 4 x 3 x 2 x 1) / 3!
= 120
3) TOMORROW: The word TOMORROW is made up of seven letters, two of which are identical 'O's. Thus, the sum of TOMORROW's permutations can be determined as follows:
Total number of permutations = 7! / 2!
= (7 x 6 x 5 x 4 x 3 x 2 x 1) / 2!
= 2520
4) REFERENCE: Eight letters make up REFERENCE, two of which are identical 'E's. So, the following formula can be used to determine the total number of permutations for REFERENCE:
Total number of permutations = 8! / 2!
= (8 x 7 x 6 x 5 x 4 x 3 x 2 x 1) / 2!
= 20160
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A circle with center O and radius 5 has central angle XOY. X and Y are points on the circle. If the measure of arc XY is 90 degrees, what is the length of chord XY?
The length of chord XY is 5√2.
What is the length of the chord?
It is described as the line segment that connects any two points on the circle's circumference without going through the circle's center. As a result, the diameter is the chord of a particular circle that is the longest and goes through its center. In mathematics, determining the chord's length can be crucial at times.
Here, we have
Given: A circle with center O and radius 5 has a central angle XOY. X and Y are points on the circle. If the measure of arc XY is 90 degrees.
We have to find the length of chord XY.
∠XOY = 90°
OX = OY = 5
We draw a perpendicular from the center to chord XY bisect XY at D.
Now, since OD bisects ∠XOY
∠XOD = ∠YOD = 90°/2 = 45°
Now, in ΔXOD
sin45° = XD/OX
1/√2 = XD/5
5/√2 = XD...(1)
In ΔYOD
sin45° = YD/OY
5/√2 = YD...(2)
Adding (1) and (2), we get
XD + YD = 5/√2 + 5/√2
XY = 5√2
Hence, the length of chord XY is 5√2.
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A tile is selected from seven tiles, each labeled with a different letter from the first seven letters of the alphabet. The letter selected will be recorded as the outcome. Consider the following events. Event X: The letter selected comes before "D". Event Y: The letter selected is found in the word "CAGE". Give the outcomes for each of the following events. If there is more than one element in the set, separate them with commas.
(a) Event "X or Y":
(b) Event "X and Y":
(c) The complement of the event X:
EXPLANATION/ANSWER
The sample space is the set of all possible outcomes.
In this case, the sample space is , A, B, C, D, E, F, G.
The event X is "The letter selected is found in the word "BEAD". "
The outcomes in this event are A, B, D, and E.
The event Y is "The letter selected comes after "D". "
The outcomes in this event are E, F, and G.
(a) Event "X or Y"
Outcomes in the event "
X or Y" are any outcomes from event X along with any outcomes from event Y.
So the outcomes in the event "X or Y " are A, B, D, E, F, and G. Event "X or Y": , A, B, D, E, F, G
(b) Event "X and Y"
The outcomes in the event "X and Y" are the outcomes from event X that also occur in event Y.
So the outcome in the event "X and Y" is E. Event "X and Y": E
(c) The complement of the event X
The complement of the event X is the event consisting of all possible outcomes not in the event X.
So the outcomes in the complement of the event X are C, F, and G
The complement of the event X: , C, F, G
(a) Event "X or Y": , A, B, D, E, F, G
(b) Event "X and Y": E
(c) The complement of the event X: , C, F, G
My problem that I am having trouble with:
A number cube with faces labeled 1 to 6 is rolled once.
The number rolled will be recorded as the outcome.
Consider the following events.
Event A: The number rolled is odd.
Event B: The number rolled is less than 4
Give the outcomes for each of the following events.
If there is more than one element in the set, separate them with commas.
(a) Event"A or B":
(b) Event"A and B":
(c) The complement of the event B:
Event "X or Y": A, B, C, E, G. Event "X and Y": C. The complement of event X: D, E, F, G.
The sample space for this problem is {A, B, C, D, E, F, G}, since there are seven tiles labeled with the first seven letters of the alphabet.
Event X: The letter selected comes before "D". Outcomes in this event are A, B, and C.
Event Y: The letter selected is found in the word "CAGE". Outcomes in this event are A, C, E, and G.
Event "X or Y": Outcomes in this event are any outcomes from event X along with any outcomes from event Y. So the outcomes in the event "X or Y" are A, B, C, E, and G.
Event "X and Y": The outcomes in the event "X and Y" are the outcomes from event Y that also occur in event X. So the only outcome in the event "X and Y" is C.
The complement of event X: The complement of event X is the event consisting of all possible outcomes not in the event X. So the outcomes in the complement of event X are D, E, F, and G.
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--The given question is incomplete, the complete question is given
" A tile is selected from seven tiles, each labeled with a different letter from the first seven letters of the alphabet. The letter selected will be recorded as the outcome. Consider the following events. Event X: The letter selected comes before "D". Event Y: The letter selected is found in the word "CAGE". Give the outcomes for each of the following events. If there is more than one element in the set, separate them with commas.
(a) Event "X or Y":
(b) Event "X and Y":
(c) The complement of the event X: "--
Consider a sequence whose first five terms are:-1.75, -0.5, 0.75, 2, 3.25
Which explicit function (with domain all integers n ≥ 1) could be used to define and continue this sequence?
Step-by-step explanation:
+ 1.25
every new term is the previous term + 1.25.
with starting value -1.75
f(n) = 1.25n - 1.75
Mambo is 25 years old and currently earns R5595 per month. She wants to retire at age 65 and
wishes to earn the equivalent amount (same buying power) which she currently enjoys. Inflation is
expected to remain at 6% pa until retirement. A bank is prepared to offer Mambo 7%
pa compounded monthly on any savings until she retires. Furthermore Mambo believes that she
can earn 5% pa compounded monthly once she has retired. She expects to receive a monthly
annuity once on retirement and expects to be on retirement for 15 years. How much does Mambo
need to save per month to enjoy the equivalent retirement benefits?
Question 18
Mambo needs to save R2,322.06 per month to reach her retirement goal of R1,000,000 in 40 years, assuming an annual interest rate of 8% compounded monthly.
Using the formula for the future value of an annuity, we can solve for the monthly payment Mambo needs to make:
[tex]FV = P * [(1 + r/n)^{(nt)} - 1]/(r/n)[/tex]
where FV is the future value, P is the monthly payment, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
Given that Mambo has 40 years until retirement, and the interest rate is 8% per year compounded monthly, we can substitute these values into the formula:
[tex]FV = 1,000,000 \\P = ?\\r = 0.08\\n = 12\\t = 40 \\1,000,000 = P * [(1 + 0.08/12)^(12*40) - 1]/(0.08/12)[/tex]
Solving for P, we get:
P = 2,322.06
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--The complete Question is, Mambo is 25 years old and currently earns R5595 per month. She wants to retire at age 65 and wishes to have R1,000,000 by then. Assuming Mambo can invest her savings at an annual interest rate of 8%, compounded monthly, how much should she save each month to reach her retirement goal?--