What monthly payment, beginning next month, would repay a $17,500 car loan over 48 months, assuming your loan has an interest rate of 4.9% per year, compounded monthly?
Answer(s): D
On the BAII Plus, press 48 N, 4.9 divide 12 = I/Y, 17500 PV, 0 FV, CPT PMT. On the HP12C, press 48 n, 4.9 ENTER 12 divide i, 17500 PV, 0 FV, PMT. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the value of P/Y set to 1.
A random variable with a mean equal to 6.0 and a standard deviation of 1.5 has a coefficient of variation equal to ________.
Answer(s): A
The coefficient of variation equals the ratio of the standard deviation to the mean.
A researcher has organized 310 observations into 9 classes. The frequency of the 50-75 frequency class is 34.The relative frequency of the class equals ________.
Answer(s): C
relative frequency = class frequency/total # of observations= 34/310 = 0.11Remember that relative frequency is always a number between zero and one.
Variable X is distributed normally and has a mean of 10. If the probability that an observation of X will be negative is 0.16, what is the coefficient of variation of X?
Answer(s): B
The probability that X lies a distance 10 below the mean is given to be 0.16. Since the normal distribution is symmetric about the mean, this implies that the probability that X will be 10 greater than the mean is also 0.16.Thus, the probability that X lies between 0 and 20 is 1-0.16-0.16 = 0.68. For a normal distribution, 68% of the observations lie within one standard deviation of the mean. Hence, the standard deviation of X equals 10. The coefficient of variation is then equal to standard deviation/mean = 10/10 = 1.
You wish to determine the number of unique combinations that can result from a process that involves n_1 options in one respect, n_2 in another respect, and so on. The counting method you should use is:
The multiplication rule of counting states that the number of combinations available when there are n_1 options in one aspect, n_2 in another, and so on, up to n_k, is n_1 * n_2 * ... * n_k.
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