Contemporary Mathematics for Business and Consumers
7th Edition
ISBN: 9781285189758
Author: Robert Brechner, George Bergeman
Publisher: Cengage Learning
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Chapter 14, Problem 16AT
To determine
To calculate: The difference in the total interest to be paid on
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29
Suppose that a mound-shaped data set has a
must mean of 10 and standard deviation of 2.
a. About what percentage of the data should
lie between 6 and 12?
b. About what percentage of the data should
lie between 4 and 6?
c. About what percentage of the data should
lie below 4?
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28 Suppose that a mound-shaped data set has a
mean of 10 and standard deviation of 2.
a. About what percentage of the data should
lie between 8 and 12?
b. About what percentage of the data should
lie above 10?
c. About what percentage of the data should
lie above 12?
27 Suppose that you have a data set of 1, 2, 2, 3,
3, 3, 4, 4, 5, and you assume that this sample
represents a population. The mean is 3 and g
the standard deviation is 1.225.10
a. Explain why you can apply the empirical
rule to this data set.
b. Where would "most of the values" in the
population fall, based on this data set?
Chapter 14 Solutions
Contemporary Mathematics for Business and Consumers
Ch. 14.I - What is the monthly payment and total interest on...Ch. 14.I - Prob. 2TIECh. 14.I - Prob. 3TIECh. 14.I - Prob. 4TIECh. 14.I - Prob. 5TIECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 2RECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 4RECh. 14.I - Prob. 5RE
Ch. 14.I - Prob. 6RECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 8RECh. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - Ben and Mal Scott plan to buy a home for $272,900....Ch. 14.I - 16. Michael Sanchez purchased a condominium for...Ch. 14.I - 17. Luis Schambach is shopping for a 15-year...Ch. 14.I - 18. Phil Pittman is interested in a fixed-rate...Ch. 14.I - 19. Larry and Cindy Lynden purchased a townhome in...Ch. 14.I - Heather Gott bought a home with an adjustable-rate...Ch. 14.I - Joe and Gloria Moutran art purchasing a house in...Ch. 14.I - 22. You are a real estate broker for Aurora...Ch. 14.II - Justin Schaefer owns a home that was recently...Ch. 14.II - Roman Bass cams a gross income of $3,100 per...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Prob. 10RECh. 14.II - Prob. 11RECh. 14.II - Prob. 12RECh. 14.II - Prob. 13RECh. 14.II - Prob. 14RECh. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - Prob. 17RECh. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Prob. 19RECh. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - Prob. 21RECh. 14.II - According to moncy.CNN.com. with mortguge rates...Ch. 14 - 1. Land, including permanent improvements on that...Ch. 14 - A(n) ___________ is a loan in which real property...Ch. 14 - Mortgage ___________ points are an extra charge...Ch. 14 - Prob. 4CRCh. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Prob. 6CRCh. 14 - Prob. 7CRCh. 14 - Prob. 8CRCh. 14 - Prob. 9CRCh. 14 - Prob. 10CRCh. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - Prob. 12CRCh. 14 - Prob. 13CRCh. 14 - Prob. 14CRCh. 14 - Prob. 1ATCh. 14 - Prob. 2ATCh. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Prob. 4ATCh. 14 - Prob. 5ATCh. 14 - Prob. 6ATCh. 14 - Prob. 7ATCh. 14 - Prob. 8ATCh. 14 - Prob. 9ATCh. 14 - Prob. 10ATCh. 14 - Prob. 11ATCh. 14 - 12. Dale Evans bought the Lazy D Ranch with an...Ch. 14 - 13. Diversified Investments purchased a 24-unit...Ch. 14 - Larry Mager purchased a ski lodge in Telluride for...Ch. 14 - 15. A Denny’s Restaurant franchisee is looking for...Ch. 14 - Prob. 16ATCh. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - Prob. 18ATCh. 14 - Prob. 19ATCh. 14 - Prob. 20ATCh. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...
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- 30 Explain how you can use the empirical rule to find out whether a data set is mound- shaped, using only the values of the data themselves (no histogram available).arrow_forward5. Let X be a positive random variable with finite variance, and let A = (0, 1). Prove that P(X AEX) 2 (1-A)² (EX)² EX2arrow_forward6. Let, for p = (0, 1), and xe R. X be a random variable defined as follows: P(X=-x) = P(X = x)=p. P(X=0)= 1-2p. Show that there is equality in Chebyshev's inequality for X. This means that Chebyshev's inequality, in spite of being rather crude, cannot be improved without additional assumptions.arrow_forward
- 4. Prove that, for any random variable X, the minimum of EIX-al is attained for a = med (X).arrow_forward8. Recall, from Sect. 2.16.4, the likelihood ratio statistic, Ln, which was defined as a product of independent, identically distributed random variables with mean 1 (under the so-called null hypothesis), and the, sometimes more convenient, log-likelihood, log L, which was a sum of independent, identically distributed random variables, which, however, do not have mean log 1 = 0. (a) Verify that the last claim is correct, by proving the more general statement, namely that, if Y is a non-negative random variable with finite mean, then E(log Y) log(EY). (b) Prove that, in fact, there is strict inequality: E(log Y) < log(EY), unless Y is degenerate. (c) Review the proof of Jensen's inequality, Theorem 5.1. Generalize with a glimpse on (b).arrow_forward2. Derive the component transformation equations for tensors shown be- low where [C] = [BA] is the direction cosine matrix from frame A to B. B[T] = [C]^[T][C]T 3. The transport theorem for vectors shows that the time derivative can be constructed from two parts: the first is an explicit frame-dependent change of the vector whereas the second is an active rotational change of the vector. The same holds true for tensors. Starting from the previous result, derive a version of transport theorem for tensors. [C] (^[T])[C] = dt d B dt B [T] + [WB/A]B[T] – TWB/A] (10 pt) (7pt)arrow_forward
- Use the graph of the function y = f (x) to find the value, if possible. f(x) 8 7 6 Q5 y 3 2 1 x -8 -7 -6 -5 -4 -3 -2 -1 1 2 3 4 5 6 7 8 -1 -2 -3 -4 -5 -6 -7 -8+ Olim f(z) x-1+ O Limit does not exist.arrow_forward3. Prove that, for any random variable X, the minimum of E(X - a)² is attained for a = EX. Provedarrow_forwardShade the areas givenarrow_forward
- 7. Cantelli's inequality. Let X be a random variable with finite variance, o². (a) Prove that, for x ≥ 0, P(X EX2x)≤ 02 x² +0² 202 P(|X - EX2x)<≤ (b) Find X assuming two values where there is equality. (c) When is Cantelli's inequality better than Chebyshev's inequality? (d) Use Cantelli's inequality to show that med (X) - EX ≤ o√√3; recall, from Proposition 6.1, that an application of Chebyshev's inequality yields the bound o√√2. (e) Generalize Cantelli's inequality to moments of order r 1.arrow_forwardThe college hiking club is having a fundraiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $2 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of a dinner for two at a local Chinese restaurant. The dinner is valued at $32. Since fortune cookies are donated to the club, we can ignore the cost of the cookies. The club sold 718 cookies before the drawing. Lisa bought 13 cookies. Lisa's expected earnings can be found by multiplying the value of the dinner by the probability that she will win. What are Lisa's expected earnings? Round your answer to the nearest cent.arrow_forwardThe Honolulu Advertiser stated that in Honolulu there was an average of 659 burglaries per 400,000 households in a given year. In the Kohola Drive neighborhood there are 321 homes. Let r be the number of homes that will be burglarized in a year. Use the formula for Poisson distribution. What is the value of p, the probability of success, to four decimal places?arrow_forward
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