Tutors Answer Your Questions about Money Word Problems (FREE)
Question 1100717: A password consists of a letter chosen from the English alphabet, followed by three digits chosen from 0 to 9, followed by two special characters chosen from the set {!, @, #, $, %}.How many different passwords are possible?
Click here to see answer by ikleyn(52756)   |
Question 1100755: A total of 431 tickets were sold to a concert, bringing in a total of $5,332. Two types of tickets were sold: adult tickets were sold for $14 each and student tickets were sold for $8 each. How many adult tickets were sold?
Click here to see answer by ikleyn(52756) |
Question 1100754: A total of 145 tickets were sold to a film showing, bringing in a total of $1,153. Two types of tickets were sold: adult tickets were sold for $9 each and child tickets were sold for $5 each. How many adult tickets were sold?
Click here to see answer by ikleyn(52756) |
Question 1100713: In a casino gamea player wins $500 with probability 0.01,wins $100 with probability 0.04, andloses $10 with probability 0.95. What is the expected value of thegamefrom the player’s perspective?(Include the minus sign if the answeris negative.)
Click here to see answer by Fombitz(32388)  |
Question 1100857: A password consists of a letter chosen from the English alphabet, followed by three digits chosen from 0 to 9, followed by two special characters chosen from the set {!, @, #, $, %}. How many different passwords are possible?
Click here to see answer by richwmiller(17219)  |
Question 1100869: In a casino game a player wins $500 with probability 0.01, wins $100 with probability 0.04,
and loses $10 with probability 0.95. What is the expected value of the game from the player’s perspective? (Include the minus sign if the answer is negative.)
Click here to see answer by greenestamps(13195)  |
Question 1100863: Please help me solve this problem. The topic is probability.
A password consists of a letter chosen from 26 letters, three numbers between 0 and 9, and two characters consisting of ?,!,%,&,@. How many different combinations could you make?
Click here to see answer by greenestamps(13195) |
Question 1100863: Please help me solve this problem. The topic is probability.
A password consists of a letter chosen from 26 letters, three numbers between 0 and 9, and two characters consisting of ?,!,%,&,@. How many different combinations could you make?
Click here to see answer by richwmiller(17219) |
Question 1100878: uppose you set insurance prices for an insurance company. The insured object is a Dutch oven. With probability 0.02 the lid will need to be replaced and it will cost $50, with probability 0.01 the pot will need to be replaced and it will cost $200. Your boss wants the insurance policy to generate $9 of expected profit. What should be the price of the insurance policy?
Click here to see answer by stanbon(75887) |
Question 1101016: 1. Suppose your parents are interested in buying a house that will cost $180,000. They will use the equity in their present house to make a 20% down payment on the new house and finance the rest with a 30-year mortgage at an interest rate of 6.5% compounded monthly. What will the monthly payment be? And how much interest will be paid?
Click here to see answer by Boreal(15235)  |
Question 1100800: Martina bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $150 more than the desktop. She paid for the computers using two different financing plans. For the desktop the interest rate was 7% per year, and for the laptop it was 5.5% per year. The total finance charges for one year were
$227. How much did each computer cost before finance charges?
Desktop: $_______
Laptop: $________
Click here to see answer by jorel1380(3719)  |
Question 1101346: Larry is starting a small business and needs a loan. The bank offers Larry a $10,000 discounted loan at 4.5% for 7 years. What is the value of the proceeds Larry will get from the bank?
Proceeds = $6850
What is the equivalent simple interest Larry will be paying over the 7 years of his loan? Give your answer as a decimal rounded to the thousandths place.
Answer:____ (work for this problem and my process for the problem is shown below).
I'm not sure what I am doing wrong given that I used I= P X r X t, where p= $10,000, r= 4.5% and t= =7. I then set it up as I= $10,000 * 4.5 * 7 divided by 100 = 315,000/100 and I= 3,150. I then took that $3,500 and put it into the formula above. So then it was set up as: $10,000 - 3,150= 6,850. As a result, I had $3,500 = $6,850 * (r) * (7). Which then left me as 31,500/6,850= .4598540146/7. But when I originally put that R=.0656934307 or.066. That turned out to be wrong. So I tried a different answer where I divided and that was wrong to 3,150 by 3,150 on one side and on the other, I had the 6,850 (.045) * (7) and then divide that answer by 3,150. Thus, I had 3,150 divided by 308.25. Which resulted in r= 10.2189781. Which I rounded off to 10.219. But that was wrong too apparently. So am I just rounding off wrong, or where am I making a mistake?
Click here to see answer by stanbon(75887) |
Question 1101346: Larry is starting a small business and needs a loan. The bank offers Larry a $10,000 discounted loan at 4.5% for 7 years. What is the value of the proceeds Larry will get from the bank?
Proceeds = $6850
What is the equivalent simple interest Larry will be paying over the 7 years of his loan? Give your answer as a decimal rounded to the thousandths place.
Answer:____ (work for this problem and my process for the problem is shown below).
I'm not sure what I am doing wrong given that I used I= P X r X t, where p= $10,000, r= 4.5% and t= =7. I then set it up as I= $10,000 * 4.5 * 7 divided by 100 = 315,000/100 and I= 3,150. I then took that $3,500 and put it into the formula above. So then it was set up as: $10,000 - 3,150= 6,850. As a result, I had $3,500 = $6,850 * (r) * (7). Which then left me as 31,500/6,850= .4598540146/7. But when I originally put that R=.0656934307 or.066. That turned out to be wrong. So I tried a different answer where I divided and that was wrong to 3,150 by 3,150 on one side and on the other, I had the 6,850 (.045) * (7) and then divide that answer by 3,150. Thus, I had 3,150 divided by 308.25. Which resulted in r= 10.2189781. Which I rounded off to 10.219. But that was wrong too apparently. So am I just rounding off wrong, or where am I making a mistake?
Click here to see answer by richwmiller(17219) |
Question 1101413: Anastasia was trying to decide which investment plan would be best over 10 years. Bank A was offering 8.5% simple interest on her money using the formula i=prt. Bank B was offering 8% compounded annually using the formula i=prt. Which bank is a better investment if she has $2,000 to invest for 10 years?
Click here to see answer by ikleyn(52756) |
Question 1101412: Anastasia was trying to decide which investment plan would be best over 10 years. Bank A was offering 8.5% simple interest on her money using the formula I=prt. Bank B was offering 8% compounded annually using the formula I=prt. Which bank is a better investment if she has $2,000 to invest for 10 years?
Click here to see answer by ikleyn(52756) |
Question 1101525: A paper company is considering the purchase of a forest that is estimated to yield an annual return of $60,000 for 8 years, after which the forest will have no value. The company wants to earn 6% on its investment and also set up a sinking fund to replace the purchase price. If money is placed in the fund at the end of year and earns 4% compounded annually, find the yearly payment.
Click here to see answer by Theo(13342)  |
Question 1101622: Larry is starting a small business and needs a loan. The bank offers Larry a $10,000 discounted loan at 4.5% for 7 years. What is the value of the proceeds Larry will get from the bank?
Proceeds =$6850
The actual question is the following: What is the equivalent simple interest rate Larry will be paying over the 7 years of his loan? Give your answer as a decimal rounded to the thousandths place.
Answer_______
Click here to see answer by stanbon(75887) |
Question 1101732: At the time of her grandson's birth, a grandmother deposits $ 9000$in an account that pays 3 % compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
Click here to see answer by greenestamps(13195) |
Question 1101733: a savings account is set up so that the simple interest earned on the investment is moved into a seperate checking account at the end of each year if an investment of $2000 accumulation $330 of interest in the checking account after 3 years what is the annual simple interest rate
Click here to see answer by stanbon(75887) |
Question 1101733: a savings account is set up so that the simple interest earned on the investment is moved into a seperate checking account at the end of each year if an investment of $2000 accumulation $330 of interest in the checking account after 3 years what is the annual simple interest rate
Click here to see answer by greenestamps(13195) |
Question 1101776: A man invests $3000 in an account that pays 7.5% interest per year, compounded quarterly.
(a) Find the amount after 2 years? (Round your answer to the nearest cent.)
$__________________________
(b) How long will it take for the investment to triple? (Round your answer to two decimal places.)
____________________________ yr
Click here to see answer by greenestamps(13195) |
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