Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
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Chapter 3.I, Problem 20RE
Round the following numbers to the indicated place.
.0100393 to hundred-thousandths
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To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3,700, and the average first-year commission for each new account opened is
$5,200. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that individual will open a new account.
(a) Determine the equation for computing Gustin's profit per seminar, given values of the relevant parameters.
Profit = (3,700 x 5,200) - New Accounts Opened
Profit = 5,200 - (New Accounts Opened x 3,700)
Profit = (New Accounts Opened x 3,700) - 5,200
Profit = New Accounts Opened - (5,200 × 3,700)
Profit = (New Accounts Opened x 5,200) - 3,700
(b) What type of random variable is the number of new accounts opened? Hint: Review Appendix 12.1 for descriptions of various types of probability distributions.
continuous
integer uniform
normal
discrete uniform…
Strassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property, it can then be sold for $158,000. The current property owner has asked for bids
and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed
between $100,000 and $148,000.
(a) What is the estimate of the probability Strassel will be able to obtain the property using a bid of $128,000? (Use at least 5,000 trials. Round your answer three decimal places.)
(b) How much does Strassel need to bid to be assured of obtaining the property?
$128,000
$138,000
$148,000
(c) Use the simulation model to compute the profit for each trial of…
Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 34,500 miles. Management also believes that the standard deviation is 4,500 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund a portion of the purchase price
if the tire fails to reach 30,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000. Construct a simulation model to answer the following questions. (Use at least 1,000 trials.)
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Chapter 3 Solutions
Contemporary Mathematics for Business & Consumers
Ch. 3.I - Read and write the following numbers in word...Ch. 3.I - Round the following numbers to the indicated...Ch. 3.I - Write the following numbers in word form.
Ch. 3.I - Write the following numbers in word form. 2.48Ch. 3.I - Write the following numbers in word form.
3. ...Ch. 3.I - Write the following numbers in word form.
4....Ch. 3.I - Prob. 5RECh. 3.I - Write the following numbers in word form. .000033Ch. 3.I - Write the following numbers in word form. .00938Ch. 3.I - Prob. 8RE
Ch. 3.I - Write the following numbers in word form. .0005712Ch. 3.I - Write the following numbers in word form.
10....Ch. 3.I - Prob. 11RECh. 3.I - Prob. 12RECh. 3.I - Prob. 13RECh. 3.I - Write the following numbers in numerical form....Ch. 3.I - Prob. 15RECh. 3.I - Write the following numbers in numerical form.
16....Ch. 3.I - Prob. 17RECh. 3.I - Round the following numbers to the indicated...Ch. 3.I - Prob. 19RECh. 3.I - Round the following numbers to the indicated...Ch. 3.I - Round the following numbers to the indicated...Ch. 3.I - Round the following numbers to the indicated...Ch. 3.I - Prob. 23RECh. 3.I - Round the following numbers to the indicated...Ch. 3.I - Prob. 25RECh. 3.I - Round the following numbers to the indicated...Ch. 3.I - You are the assistant to the production manager...Ch. 3.II - Perform the indicated operation....Ch. 3.II - Prob. 4TIECh. 3.II - Prob. 5TIECh. 3.II - Prob. 1RECh. 3.II - Perform the indicated operation for the...Ch. 3.II - Prob. 3RECh. 3.II - Prob. 4RECh. 3.II - Prob. 5RECh. 3.II - Prob. 6RECh. 3.II - Prob. 7RECh. 3.II - Prob. 8RECh. 3.II - Prob. 9RECh. 3.II - Prob. 10RECh. 3.II - Prob. 11RECh. 3.II - 12. Subtract fifteen and eighty-eight...Ch. 3.II - Prob. 13RECh. 3.II - 14. In one week of training for the San Francisco...Ch. 3.II - Prob. 15RECh. 3.II - Last week Kate Burke ran a 5-kilometer race in...Ch. 3.II - Prob. 17RECh. 3.II - Faith Sherlock received her monthly pension check...Ch. 3.II - 19. Use the chart “The Pet Story” to answer the...Ch. 3.II - Prob. 20RECh. 3.II - Prob. 21RECh. 3.II - Prob. 22RECh. 3.II - Prob. 23RECh. 3.II - Prob. 24RECh. 3.II - Prob. 25RECh. 3.II - Prob. 26RECh. 3.II - Prob. 27RECh. 3.II - Prob. 28RECh. 3.II - Prob. 29RECh. 3.II - Prob. 30RECh. 3.II - Prob. 31RECh. 3.II - Prob. 32RECh. 3.II - Divide the following numbers. Round to hundredths...Ch. 3.II - Prob. 34RECh. 3.II - Prob. 35RECh. 3.II - Sam Estero received a $50 gift card to iTunes for...Ch. 3.II - Prob. 37RECh. 3.II - 38. Jimmie Masters earns $4,825.50 per month as a...Ch. 3.II - USA Today reported that Ethiopian Airlines had...Ch. 3.II - Prob. 40RECh. 3.II - Prob. 41RECh. 3.II - Edward Nolan has room for 26 bedding plants in his...Ch. 3.II - Prob. 43RECh. 3.II - Prob. 44RECh. 3.II - 45. Tim Meekma owns a PepsiCo vending truck that...Ch. 3.II - According to the Food and Nutrition Service of the...Ch. 3.III - Convert the following decimals to their fractional...Ch. 3.III - Prob. 7TIECh. 3.III - Convert the following decimals to fractions and...Ch. 3.III - Convert the following decimals to fractions and...Ch. 3.III - Convert the following decimals to fractions and...Ch. 3.III - Convert the following decimals to fractions and...Ch. 3.III - Convert the following decimals to fractions and...Ch. 3.III - Convert the following fractions to decimals. Round...Ch. 3.III - Convert the following fractions to decimals. Round...Ch. 3.III - Convert the following fractions to decimals. Round...Ch. 3.III - Convert the following fractions to decimals. Round...Ch. 3.III - Convert the following fractions to decimals. Round...Ch. 3.III - For the following numbers, perform the indicated...Ch. 3.III - For the following numbers, perform the indicated...Ch. 3.III - For the following numbers, perform the indicated...Ch. 3.III - For the following numbers, perform the indicated...Ch. 3.III - a. You are planning a party for your bowling...Ch. 3.III - Catalina Jewelers has 147.25 ounces of 14-carat...Ch. 3.III - a. What is the total cost of fuel for a 4,602 mile...Ch. 3.III - Ever Ready taxicabs charge 1.20 for the first 14...Ch. 3.III - You are the purchasing manager for Five Star...Ch. 3.III - 20. You are the manager of Rally Rent-a-car. A...Ch. 3.III - 21. You are a loan officer at the West Elm Savings...Ch. 3 - 1. As with fractions, ________ are a way of...Ch. 3 - The ________ ________ separates the whole number...Ch. 3 - 3. When rounding decimals, we delete all digits to...Ch. 3 - When rounding monetary amounts, we round to the...Ch. 3 - When adding or subtracting decimals, we begin by...Ch. 3 - 6. When adding or subtracting decimals, we work...Ch. 3 - 7. In the multiplication of decimals, the product...Ch. 3 - 8. When multiplying a decimal by a power of 10, as...Ch. 3 - When dividing decimals, the basic rule is that you...Ch. 3 - 10. When dividing a decimal by a power of 10, as a...Ch. 3 - When converting a decimal to a fraction, we...Ch. 3 - 12. To convert a fraction to a decimal, we divide...Ch. 3 - Write the following numbers in word form. .61Ch. 3 - Write the following numbers in word form. 34.581Ch. 3 - Write the following numbers in word form. $119.85Ch. 3 - Write the following numbers in word form.
4.
Ch. 3 - Write the following numbers in word form.
5.
Ch. 3 - Write the following numbers in numerical form.
6....Ch. 3 - Write the following numbers in numerical form.
7....Ch. 3 - Write the following numbers in numerical form.
8....Ch. 3 - Write the following numbers in numerical form.
9....Ch. 3 - Round the following numbers to the indicated...Ch. 3 - Round the following numbers to the indicated...Ch. 3 - Round the following numbers to the indicated...Ch. 3 - Round the following numbers to the indicated...Ch. 3 - Perform the indicated operation for the...Ch. 3 - Perform the indicated operation for the following....Ch. 3 - Perform the indicated operation for the following....Ch. 3 - Perform the indicated operation for the following....Ch. 3 - Prob. 18ATCh. 3 - Perform the indicated operation for the...Ch. 3 - Perform the indicated operation for the following....Ch. 3 - Perform the indicated operation for the following....Ch. 3 - Perform the indicated operation for the...Ch. 3 - Perform the indicated operation for the following....Ch. 3 - Perform the indicated operation for the...Ch. 3 - Perform the indicated operation for the...Ch. 3 - Convert the following decimals to fractions and...Ch. 3 - Convert the following decimals to fractions and...Ch. 3 - Convert the following fractions to decimals. Round...Ch. 3 - Convert the following fractions to decimals. Round...Ch. 3 - Convert the following fractions to decimals. Round...Ch. 3 - Gary Scott can buy a box of 40 Blu-ray discs for...Ch. 3 - Two Wheeler-Dealer Bike Shop has a 22-inch...Ch. 3 - The chief financial officer of Allied Corporation...Ch. 3 - 34. A spindle of 50 blank DVD discs costs $16.90....Ch. 3 - Liz Thorton has signed up for a one-semester class...Ch. 3 - At Magers Market, a 24-bottle case of spring water...Ch. 3 - 37. Maria Lopez shares an apartment with a friend....Ch. 3 - Ryan Miller wanted to make some money at a flea...Ch. 3 - 39. A cargo ship, The Caribbean Trader, has a...Ch. 3 - As the food manager for a local charity, you are...Ch. 3 - Prob. 41AT
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