Jay has $500 in the bank when he decides to try a savings experiment. On each day i ∈ [1..30], Jay flips a fair coin. If it comes up heads, he deposits i dollars into the bank; if it comes up tails, he withdraws $10. How many dollars should he expect to have in the bank after 30 days?

Jay has $500 in the bank when he decides to try a savings experiment. On each day i ∈ [1..30], Jay flips a fair coin. If it comes up heads, he deposits i dollars into the bank; if it comes up tails, he withdraws $10. How many dollars should he expect to have in the bank after 30 days?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

2. Maria deposits $10,000 in the bank. Each month thereafter she deposits $1000 a month . Use formulas to determine how much money she will have in the bank after 2 years? (month 24) .
You have recently purchased a new car that costs $25,000. However, for each year that you own it, you can expect the car to lose about $2,000 in value each year (this is the depreciation of the car). Write a formula that will allow you to compute the depreciation after tyears.
1.) With summer winding down, Mr. and Mrs. Mallery decided to take their family to the beach one last time. They loaded their kids, Olivia and Liam, into the car and headed off early in the morning. At 7:05 Olivia asked, "Are we there yet?" "We're one-third of the way there," replied Mr. Mallery. %3D At 7:25 Liam asked, "Are we there yet?" "We're 75% of the way there," said Mrs. Mallery. "Now, can you two figure out what time we %3D should get to the beach?" Assuming the Mallerys maintain a constant speed during their trip, at what time they will arrive at the beach?
How long would it take you to pay off a credit card bill of $8,500 at 17.99% APR and you are paying $150 a month? (for your answer just type the number)
Is there a way I could have Bartleby extend my help ? I could pay up front again. I got another homework due tomorrow..
Turnover is planned at 2.5 for the six-month peris starting February 1 through July 31. Average weekly sales for that period are $75,000. What average stock should be carried in this situation? $800,000 $900,000 O $720,000 $780,000
A job pays a salary of $45,000 the first year. During the next 25 years, the salary increases by 2,500 each year. What is the salary for this person over 20 years? Be sure to round your answer to the nearest cent and turn in all work giving mathematical evidence of your answer.
f. Now suppose that Lynn contributes nothing to her retirement fund for eight years and then begins contributing $3,000 annually until age 60. How much of her salary would she have contributed to this retirement plan and how much money could she expect to have accumulated at age 60? f?
q2.1 the math of interest. please indicate if you are unsure or totally sure about the answer