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Word Problems: Money, Business and Interest

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Question 94839: Please help me with this one.
A potato chip company packages its potato chips into 12.0 ounce bags. You find it hard to believe that the bag contains enough potato chips to weigh 12.0 ounces and would like to make an official complaint. Before doing so, you decide to run an experiment so that you can have some confidence that the company’s claim is incorrect. Over the next several months you buy 30 bags of potato chips and weigh the contents of each one. You discover that the mean weight is 11.9 ounces with a standard deviation of 0.4 ounces. You decide that you will onlProblem
y complain if you can be 95% sure that the bags do not contain at least 12.0 ounces of potato chips. You decide to construct a hypothesis test.
Questions
A. Determine if this is a one-tailed or two-tailed test. Justify your decision.

B. State the null hypothesis and alternative hypothesis. Your null hypothesis should assume the company’s claim is correct.

C. Define the term Type I error and explain what a Type I error is in terms of this problem.

D. Define the term level of significance and identify the level of significance for this problem.

E. Calculate the test statistic as a z-score. Show all relevant work.

F. Using a standard table, you determine that the critical value is –1.645. Determine if you are able to reject the null hypothesis and explain how you reached this conclusion. (Your conclusion should include a comment relating the results to the original problem.)

Click here to see answer by stanbon(26249)

Question 94856: The student government can sell a total of 400 tickets to a basketball game. An adult ticket costs $3 and a student ticket costs $2. What is the minimum number of adult tickets that must be if the student government wants to collect at least $1100?
Click here to see answer by checkley71(8405)

Question 94989: The profit on a small appliance is given by P = x² -3x -60, in which x is the number of appliances sold per day. How many appliances were sold on a day when there was a $20 loss?
Click here to see answer by stanbon(26249)

Question 95020: Bus fares from Amherst to Mount Mohawk are $26 for adults and $18 for students. How many students are on the bus if a total of $1668 was collected from the 70 passengers?
Click here to see answer by checkley71(8405)

Question 95284This question is from textbook Intermediate Algebra
: VALUE OF AN IRA In an Individual Retirement Account (IRA) valued at $53,900, a couple has 500 shares of stock, some in Big Bank Corporation and some in Dafe Savings and Loan. If Big Bank sells for $115 per share and Safe Savings sells for $97 per share, how many shares od each does the couple own?
The book has the answer but I do not know how to go about getting it. I could just put the answer down but it will not do me any good if I do not learn how to do it. This question is from textbook Intermediate Algebra

Click here to see answer by scott8148(3382)

Question 95395This question is from textbook Intermediate Algebra
: SELLING CALCULATORS Last month, a bookstore ran an ad for calculators on sale; graphing calculators for $87 and scientific calculators for $18. Sales of $4980 were generated, with 15 more graphing calculators sold than the scientific calculators. How many of each type of calculators did the bookstore sell? This question is from textbook Intermediate Algebra

Click here to see answer by sweets420(1)

Question 95441: Hi, I am having a toguth time with this problem. It says "The admission fee at an amusement park is $15 for children and $40 for adults. On a certain day, 2200 people enter the fair and $50,500 is collected. How many children and homw many adults attended?"
If you could help me I would really appreciate it!! = )
Click here to see answer by kiljoy(51)

Question 95457: The demand and supply equations for a certain item are given by
D = –5p + 40
S = –p2 + 30p – 8
Find the equilibrium price.

Click here to see answer by stanbon(26249)

Question 95509: The last question that i have is a word problem
The relationship between the number (n) of widgets a company sells each week and the price of (p) of each widget is given by the equation n=1800-100p and the gross revenue (R) from sales of widgets is calculated by R=np. Determine the maximum possible revenue and the optimum price that will produce that revenue?
Click here to see answer by stanbon(26249)

Question 95621: Adult tickets for a play cost $20 and child tickets cost $13. If there were 29 people at a performance and the theater collected $510 from ticket sales, how many children attended the play?
Click here to see answer by checkley71(8405)

Question 95749: Aileen has two savings accounts. The larger has $6,000 more on deposit than the smaller. The larger account pays 7.5% interest and the smaller pays 3.8% interest. If she has $1,350 on deposit in the smaller account, what is the total interest she will earn from these accounts in one year.
Click here to see answer by edjones(3291)

Question 95755: Clare has two savings accounts. One account has a 5% interest rate and the other has a 6% rate. The amount invested in the 5% account is $1,000 more than the amount unvested in the 6% account. Together these accounts pay her $490 in interest yearly. How much does she have invested in each account?
Click here to see answer by ptaylor(1578)

Question 95833: John invested a part of $50000 at the bank which has 4 1/2% interest rate and the other part at the bank which has 5 1/2% The former yields $ 750 more each year than the latter. How much did he invest at ezch bank with different interest rate?
Click here to see answer by checkley71(8405)

Question 95923This question is from textbook Algebra and Trigonometry Structure and Method book 2
: A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?This question is from textbook Algebra and Trigonometry Structure and Method book 2

Click here to see answer by checkley71(8405)

Question 95946: Lynn invests 10,000$. in one account, he earns 6% interest, in the other, he earns 4.5%. How much did he invest in each account if he makes 570$ in one year?
PLEASE HELP!!!!!!!!!!!
Click here to see answer by checkley71(8405)

Question 95970: A total of $34000 was invested in two parts, one part at an interest of 20% and the other part at an interest of 15%. The amount invested at 20% invest was $500 more than the amount invested at 15% interest. Find the amount invested in each part.
Click here to see answer by checkley71(8405)

Question 96202: I am having a problem on how to calculate the answer for c) in the following problem. I have done a) and b), could you also tell me if the answers are correct for a) and b)?
An inventor of a new product charges $4 per unit, then her profit for producing and selling x units is given by the function: P(x) = 2.25x - 7000.
a) What is her profit if she sells 2000 units?
b) What is her profit if she sells 7000 units?
c) What is the break-even point for sales?
a) P(2000) = 2.25(2000) - 7000 = -2500
b) P(2000) = 2.25(5000) - 7000 = 4250
(I should add that this problem is based on a previous problem where the inventor believes that the cost of the producing the product is given by the function:
C(x) = 1.75x + 7000. In this problem they asked what was the cost of producing 2000 units of the product.
C(x) = 1.75x+7000
C(2000) = 1.75(2000)+7000=$10,500)
Thank you so much!

Click here to see answer by teachtolearn(1)

Question 96290: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rate of 18% per year. If the interest recieved totaled $1,000, how much was loaned at 8%?

Click here to see answer by checkley71(8405)

Question 96390: Could someone please help me with this problem I am not sure how to do it.I would really appriciate it. Thank you!
There are 850 Douglas fir and ponderosa pine trees in a
section of forest bought by Sawz Logging Co. The company paid an average of
$300 for each Douglas fir and $225 for each ponderosa pine. If the company paid
$217,500 for the trees, how many of each kind did the company buy?
- If you could would you please show me the formula I am a little confused.Thanks again
Click here to see answer by checkley71(8405)

Question 96439: Please help! I have tried for a while, but I can't come up with the correct solution for these problem types:(not from a book)
Roberto invested some money at 7%, and then invested $3000 more than twice this amount at 12%. His total annual income from the two investments was $4700. How much was invested at 12%?
Click here to see answer by checkley71(8405)

Question 96528: I have tried for two days to get the answer to this problem but I have still had no luck.Could you please help me with it and show me how you came to your answer.Thank you so much:
The cost for a long-distance telephone call is $0.36 for the first minute and $0.21 for each additional minute or portion thereof. Write an inequality representing the number of minutes a person could talk without exceeding $3.
Click here to see answer by psbhowmick(456)

Question 96892: A broker has invested part of $25000.00 at 10.5% and the rest at 12.5% simple interest. If the annual income earned from both investments is $2843.75, find the amount invested at each rate.

This is not from a text book, this was a handed out assignment.
Click here to see answer by scott8148(3382)

Question 96891: Part of $5000 is invested at 4% and the rest at 5%. The annual interest on the 5% was $124.00 more than the interest on the 4% investment. How much was invested at each rate?
Not from a text book, this was a handed out assignment.
Click here to see answer by scott8148(3382)

Question 96926This question is from textbook Introductory Algebra (Blitzer)
: You invest $6000 in two accounts paying 6% and 9% annual interest, respectively. At the end of the year, the accounts earn the same interest. How much was invested at the same rate?This question is from textbook Introductory Algebra (Blitzer)

Click here to see answer by mathslover(126)

Question 96938: Tyler's parents pay him $0.50 to do the laundry and $1.25 to mow the lawn. In one month, he does the laundry 6 more times than he mows the lawn. If his parents pay him $12.75 that month, how many times did he mow the lawn?
Click here to see answer by stanbon(26249)

Question 96964This question is from textbook Introductory Algebra (Blitzer)
: Things did not go quite as planned. You invested part of $8000 in a stock that paid 12% annual interest. However, the rest of the money suffered a 5% loss. If the total annual income from both investments was $620, how much was invested at each rate? This question is from textbook Introductory Algebra (Blitzer)

Click here to see answer by stanbon(26249)

Question 97678: A bank loaned out php12.000, part of it at the rate of 8%per yaer and the rest at the rate of 18%per year. If the invest recieved totaled php1,000, how much was loaned at 8%
Click here to see answer by stanbon(26249)

Question 97952: I can not get the answer to this question. I know that Input is N = 5; I = 7; PMT = -300; FV = ?. Output is PV = ?. However, I do not have a finance calculator. I do not have to actually use a calculator for this class either.
What is the future value of a 5-year ordinary annuity that promises to pay you $300 each year? The rate of interest is 7 percent.

Click here to see answer by stanbon(26249)

Question 97950: The amount of an investment of P dollars for t years at a simple interest rate r is given by A= P+ Prt.
a) Rewrite this formula by factoring out the greatest common factor on the right hand side.
b) Find A if $8300 is invested for 3 years at a simple interest rate of 15%.
Click here to see answer by stanbon(26249)

Question 97960: a teacher wants to earn $1,500 per year in supplemental income from a cash gift of $16,000. she puts $6,000 in a bank that pays 7% annual interest. What rate must she earn on the remainder to achive her goal
Thank you
Vanessa
Click here to see answer by edjones(3291)

Question 98081: a vending machine takes only dimes and quarters. so far the machine has only taken a total of 30 coins. the amount of money it has collected is $4.20.
Click here to see answer by ptaylor(1578)

Question 98276: Jane invested $24,000, part at 7% and part at 3%. If the total interest at the end of the year is $880, how much did she invest at 7%
An employee who produces x units per hour earns an hourly wage of y+0.45x+12(in dollars). Find the hourly wage for an employee who produces 17 units per hour.
Click here to see answer by checkley71(8405)

Question 97421: Given:

There are two companies that sell widgets. Both companies sell the widgets to the general public for the same price. In order to earn business, Company A offers a special 25% discount on each order. In response, Company B offers a 35% discount on every dollar the customer spends over $50. Both discounts are rounded to the nearest cent. If you place an order for $50 or less, it is less expensive to order from Company A. If you place a large enough order, it will be less expensive to order from Company B. At what price does it become less expensive to order from Company B?

problem:
Determine algebraically the actual price at which Company B offers you the same discount as Company A. Make sure to show all relevant work.

I know that at $650.0 company B offers you the same discount as Company A, which is $227.50. I just can not put it in an algebraically.
Thank you for your help.

Click here to see answer by 303795(562)

Question 98379: Bethany invested $2500, part at 8% per year and the rest at 12% interest per year. In one year, the parts earned equal amounts of interest. determine how much was invested at each rate.
Click here to see answer by stanbon(26249)

Question 98428: A manager sell peanuts for $2.50 per pound. He wants to mix cashews that sell for $5.00 a pound with the peanuts to create 30 pounds of a mixture that sells for $4.00 a pound. How many pounds of each nut are needed.
please show me how to set this up and solve it
Click here to see answer by checkley71(8405)

Question 98209: A company has 3000 passengers daily paying a 25 cent fare. For each nickel increase in fare, the company projects it will lose 80 passengers. What fare increase will produce 994 in daily revenue?
Click here to see answer by edjones(3291)

Question 98602This question is from textbook intro alg blitzer
: here's the question... I invested $10,000 bonus in a CD that paid 6% simple interest and the rest in a mutual fund that paid @ 11%. If total interest earned that year was $700.00. how much did I invest in the mutual fund?
0.06x + 0.11(10,000-x)=$700
0.06x+1100-0.11x=$700
-0.11x
-0.05x +1100-1100=700-1000
-0.05x = -300
divided and came up with $6000.00
$10,000-6000= $4000 @ 11%
is this correct?This question is from textbook intro alg blitzer

Click here to see answer by checkley71(8405)

Question 98504: The sales tax is $49 for a dining room table that costs $1225. Find the sales tax rate?
Click here to see answer by checkley71(8405)

Question 98725: Kackie Smith won $60,000.00 in a slot machine in Las Vegas. She invested part at 2% simple interest and the rest at 3%. She earned a total of $1600.00 in interest. How much was invested at each rate?
Click here to see answer by checkley71(8405)

Question 98722: A total of 550 people attended a concert. Floor tickets cost $40 each, while balcony tickets cost $28 each. If a total of $20,800 was collected, how many of each type of ticket were sold?
Click here to see answer by checkley71(8405)

Question 98810This question is from textbook Beginning Algebra

: Tutor,
I keep coming up with a different answer to this problem could you help me see where my error is?
Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500?
Thank you for your help.This question is from textbook Beginning Algebra

Click here to see answer by stanbon(26249)

Question 98721: Terry placed $15,000 in an account paying 6%. How much additional money should she deposit at 4% so that the average return on the two investments is 5.5%?
Click here to see answer by ptaylor(1578)

Question 98975: A total of $18,000 is invested in two simple intrest accounts. On one of the accounts the annual simple intrest rate is 6.4%, and on the 2nd account the simple intrest rate is 5%. The amount of intrest earned for 1 year was $1103. How much is invested in each account.
Click here to see answer by checkley71(8405)

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