The table gives the average per capita income, d
, in a region of the country as a function of the percent unemployed, u
.Which equation represents this data algebraically?

Answers

Answer 1

Answer:

d=23,000-500u

Step-by-step explanation:

im doing the test


Related Questions

B as a % of A is equal to A as a % of (A+B). Find B as a % of A.

Answers

Option (b), 62% is correct.

How to solve

By the given condition,

B/A = A/(A + B) ..... (1)

Now to find the percentage of A = B, we consider B = Ax. From (1), we get

Ax/A = A/(A + Ax)

or, x = 1/(1 + x)

or, x² + x - 1 = 0

Using the quadratic formula, we get

x = {- 1 ± √(1 + 4)}/2

= (- 1 ± √5)/2

Since x cannot be negative, we take

x = (- 1 + √5)/2

≈ 0.62

Therefore the required percentage is

= 0.62 × 100%

= 62%


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B as a percentage ofAis equal to Aas a

percentage of(A+B). How much percent

of A is B?

(a) 60%

(b) 62%

(C) 64%

(d) 66%

HOW TO SOLVE LINEAR REGRESSIONS

Answers

The equation has the form Y= a + bX, where Y is the dependent variable (that's the variable that goes on the Y axis), X is the independent variable (i.e. it is plotted on the X axis), b is the slope of the line and a is the y-intercept.

CAN SOMEONE PLEASE HELP me with the correct answer!!!!! I need this done please help like please

Answers

answer: 164 degrees

reasoning: circle = 360 degrees
360-115= 245
245-81= (164 degrees)

Hawk thinks his heartrate will increase as he increases his skateboarding speed. To see if this relationship exists, he records six different speeds and models it with a scatterplot and regression output.

A scatterplot is shown with the x axis labeled Speed, miles per hour, and the y axis labeled Pulse, beats per minute. The points on the graph increase from 9.5 and 68 to 15.8 and 116.


Regression Statistics
Multiple R 97.28153%
R Square 94.63696%
Adjusted R Square 93.29620%
Standard Error 4.806846736
Observations 6


df SS MS F
Regression 1 1,630.910231 1,630.910231 70.58453
Residual 4 92.42310217 23.10577554
Total 5 1,723.333333


Coefficients Standard Error t Stat p-Value
Intercept 1.301246992 10.66036651 0.122064001 0.908735
Speed 7.315685846 0.870763656 8.401459797 0.001098


Part A: Write the equation of the regression line using the regression output. (2 points)

Part B: What do the slope and intercept parameters mean using the context of the problem? (4 points)

Part C: Compute the margin of error that Hawk should use if he wants to provide a 99% confidence interval for the slope. Assume that conditions for inference are satisfied. (4 points)

Answers

Part A:
The equation of the regression line can be written as:
Pulse = 1.301 + 7.316 × Speed

Part B:
The slope of the regression line (7.316) represents the change in pulse (in beats per minute) that is associated with a one-unit increase in speed (in miles per hour). In other words, for every 1 mile per hour increase in speed, Hawk's pulse is expected to increase by approximately 7.316 beats per minute, on average.

The intercept of the regression line (1.301) represents the estimated pulse rate (in beats per minute) when the speed is zero. However, in the context of the problem, it does not have a meaningful interpretation because it is not possible to achieve zero speed in skateboarding.

Part C:
The margin of error for a 99% confidence interval for the slope can be calculated using the formula:

Margin of Error = t-value × Standard Error

where the t-value is the critical value from the t-distribution with n-2 degrees of freedom and α/2 = 0.005 (since we want a 99% confidence interval).

From the regression output, we have:

n = 6 (number of observations)
Standard Error = 4.806846736

The degrees of freedom for the t-distribution is n-2 = 4. Using a t-table or calculator, the critical value for a 99% confidence interval with 4 degrees of freedom is approximately 4.604.

Therefore, the margin of error is:

Margin of Error = 4.604 × 4.806846736 = 22.102

The 99% confidence interval for the slope is:

7.316 ± 22.102

or

(-14.786, 29.418)

Therefore, with 99% confidence, we can say that the true slope of the relationship between pulse and speed is within the interval (-14.786, 29.418).
Final answer:

The equation of the regression line is Pulse = 1.301 + 7.316 * Speed. The slope parameter represents how pulse rate changes with skateboarding speed. The margin of error for a 99% confidence interval for the slope is 2.517.

Explanation:

Part A: The equation of the regression line can be written as: Pulse = 1.301 + 7.316 * Speed

Part B: The slope parameter of 7.316 means that for every 1 unit increase in skateboarding speed, the pulse rate increases by an average of 7.316 beats per minute. The intercept parameter of 1.301 represents the pulse rate at a speed of 0 miles per hour (which doesn't have a specific meaning in this context).

Part C: To compute the margin of error for a 99% confidence interval for the slope, we use the formula: margin of error = critical value * standard error. The critical value for a 99% confidence interval is approximately 2.896. Plugging in the values, we get margin of error = 2.896 * 0.870 = 2.517 (rounded to three decimal places).

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Use properties to rewrite the given equation. Which equations have the same solution as 2.3p – 10.1 = 6.5p – 4 – 0.01p? Select two options. 2.3p – 10.1 = 6.4p – 4 2.3p – 10.1 = 6.49p – 4 230p – 1010 = 650p – 400 – p 23p – 101 = 65p – 40 – p 2.3p – 14.1 = 6.4p – 4

Answers

The two equations that have the same solution as 2.3p – 10.1 = 6.5p – 4 – 0.01p include the following:

B. 2.3p – 10.1 = 6.49p – 4

C. 230p – 1010 = 650p – 400 – p

How to determine the required equations?

From the information provided, we have the following equation:

2.3p – 10.1 = 6.5p – 4 – 0.01p

Next, we would simplify the given equation by collecting like terms as follows;

2.3p - 10.1 = 6.5p - 0.01p - 4 = 6.49p - 4

2.3p - 10.1 = 6.49p - 4

What is the multiplication property of equality?

In Mathematics, the multiplication property of equality states that both sides of an equation will remain the same and equal, when both sides of the equations are multiplied by the same number.

By multiplying both sides of the given equation by 100, we have the following;

100 × (2.3p - 10.1) = 100 × (6.5p - 4 - 0.01p)

230p - 1010 = 650p - 400 - p

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A scientist has two solutions, which she has labeled solution a and solution
b. each contains salt. she knows that solution a is 65% salt and solution b is 80% salt. she wants to obtain 150 ounces of a mixture that is 70% salt. how many ounces of each solution should she use?

Answers

Let x be the number of ounces of solution a and y be the number of ounces of solution b.

We know that the total amount of mixture needed is 150 ounces, so we can write:
x + y = 150

To achieve a 70% salt mixture, we can write the equation:
0.65x + 0.8y = 0.7(150)

To solve for x and y, we can use substitution or elimination. Let's use substitution to solve for x.

From the first equation, we have:
x = 150 - y

Substituting this into the second equation:
0.65(150 - y) + 0.8y = 105

Simplifying:
97.5 - 0.65y + 0.8y = 105
0.15y = 7.5
y = 50

Now that we know y, we can find x using either of the original equations:
x + y = 150
x + 50 = 150
x = 100

Therefore, the scientist should use 100 ounces of solution a and 50 ounces of solution b to obtain 150 ounces of a mixture that is 70% salt.

please help
What is the distance to the earth’s horizon from point P?

Enter your answer as a decimal in the box. Round only your final answer to the nearest tenth.

x =
mi

Answers

The measure of distance x, that is, the distance between a point P and the point of horizon, is equal to 284.372 miles.

How to find the distance to the earth horizon from a given point

In this problem we must determine the distance between a point P located about earth's circumference and the point of horizon, located on earth's circumference. Since the line between these two points is tangent to earth, then, distance x can be found by Pythagorean theorem:

x = √[(3959 mi + 10.2 mi)² - (3959 mi)²]

x = 284.372 mi

The distance x is equal to 284.372 miles.

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An employee at a department store is stocking cell phone cases. He has a box of 80 cases. Among the 80 cases, 40 are black, 10 are white, and 30 are pink. If he reaches into the bag randomly and removes one at a time, what is the probability that the first three cases are all pink? Please help I have no clue how to do this at all. I listen in math class but this is hard!

Answers

The probability of drawing a pink case on the first draw is 30/80.

What is probability?

Probability is a branch of mathematics that deals with the measurement and analysis of random phenomena. It is the study of the likelihood or chance of an event occurring. It involves analyzing and predicting the likelihood of certain outcomes based on the available information and the rules of probability theory. Probability is used extensively in various fields, including statistics, physics, finance, engineering, and computer science, among others.

In the given question,

The probability of drawing a pink case on the first draw is 30/80. Since the cases are not replaced, the probability of drawing a pink case on the second draw is 29/79 (there are now 29 pink cases left out of 79 total cases). Similarly, the probability of drawing a pink case on the third draw is 28/78. Therefore, the probability of drawing three pink cases in a row is:

(30/80) * (29/79) * (28/78) = 0.0412 or about 4.12%.

So, the probability that the first three cases are all pink is 0.0412 or about 4.12%.

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For each graph below, state whether it represents a function. I don’t know if I got them right

Answers

Answer:

Step-by-step explanation:

Use the vertical line test. If you can draw a vertical line that cuts more than one point then the graph is not a function.

The only one that is incorrect is graph 4. It is a function (no vertical line will cut the graph more than once).

Suppose that the function f is defined as follows.

Answers

Answer:

Step-by-step explanation:

Which expression represents the volume of a shipping box? s(2^3) (8 + 2)3 (8x2)3 8+23

Answers

As a result, the right response is s(23), which can be written as [tex]8s^3[/tex] as to calculate a shipping box's volume is based on the box's dimensions.

what is volume ?

A tri object's volume is a measurement of how much space it takes up. The usual measurement tool is a cubic unit, such as a cubic metre (m3) or cubic foot (ft3). The formula used to determine a solid item's volume depends on the shape of the object. For instance, the volume of a cube is determined by multiplying the length of a single of its sides by six, whereas the capacity of a cylinder is determined by dividing the area of its base by the diameter. Engineering, mathematics, and architecture are just a few of the disciplines where the idea of volume is crucial.

given

The formula used to calculate a shipping box's volume is based on the box's dimensions.

The box's volume can be expressed as follows if its side length is s:

[tex]V = s^3[/tex]

As a result, the right response is s(23), which can be written as [tex]8s^3[/tex] as to calculate a shipping box's volume is based on the box's dimensions.

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PLS HELP THIS IS DUE TOMORROW

Answers

Answer: y = -|x + 1| + 1

Step-by-step explanation:

Since this is a "V" shaped graph, we know it uses the absolute value function. This is the parent function:

    y = |x|

This represents the transformations:

➜ a is amplitude

➜ h is horizontal shift

➜ k is vertical shift

    f(x) = a | x - h | + k

Next, we see it is shifted one unit upwards.

    y = |x| + 1

Then, we see it is also shifted one unit left.

➜ Note that this shift is -h units, so we will use positive for moving left.

    y = |x + 1| + 1

Lastly, we see this graph is flipped and has a negative slope, or amplitude.

    y = -|x + 1| + 1

Please help me!

Sloan keeps quarters and dimes in a jar, he just counted and has $23.45. If Sloane has 52 dimes in the jar, how many quarters does he have?

Answer in standard form, NEED EQUATION

x =
y =

Answers

Sloan has 73 quarters and 52 dimes kept in the jar

What is an equation?

An equation is an expression that shows how numbers and variables using mathematical operators.

Let x represent the number of quarters in the jar.

1 dime = $0.10, and 1 quarter = $0.25

Hence:

He counted $23.45, of which he had 52 dimes, hence:

0.10(52) + 0.25x = 23.45

5.2 + 0.25x = 23.45

x = 73

Sloan has 73 quarters

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Simplify. Simplify. Express your answer as a single term, without a denominator.
pls helpppppp

Answers

Simplifying further, you can move any negative exponents to the denominator by changing their sign:

t⁻² u⁻⁶ v⁴ = v⁴ / (t² u⁶)

what is denominator  ?

In a fraction, the denominator is the bottom number that represents the total number of equal parts into which the whole is divided. For example, in the fraction 3/4, the denominator is 4, which indicates that the whole has been divided into four equal parts.

In the given question,

When multiplying two terms with the same base, you can add their exponents, so:

t⁻¹ u v⁴* t⁻¹ u⁻⁷ v⁰ = t⁻² u⁻⁶ v⁴

Simplifying further, you can move any negative exponents to the denominator by changing their sign:

t⁻² u⁻⁶ v⁴ = v⁴ / (t² u⁶)

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If $4,500 is invested at an interest rate of 5.25% per year, compounded continuously, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)

(a) 4 years

(b) 8 years

(c) 12 years

Answers

a) The value of the investment after 4 years is $5,544.90.

b) The value of the investment after 8 years is $6,849.42.

c) The value of the investment after 12 years is $8,453.35.

The formula for calculating the value of an investment that is compounded continuously is given by:

A = [tex]Pe^{(rt)[/tex]

where A is the final value of the investment, P is the initial investment amount, e is the mathematical constant approximately equal to 2.71828, r is the annual interest rate expressed as a decimal, and t is the time period in years.

(a) To find the value of the investment after 4 years, we can substitute the given values in the formula as follows:

A = 4500[tex]e^{(0.05254)[/tex]

A = 4500[tex]e^{0.21[/tex]

A = 45001.2322

A = $5,544.90

(b) To find the value of the investment after 8 years, we can substitute the given values in the formula as follows:

A = 4500[tex]e^{(0.05258)[/tex]

A = 4500[tex]e^{0.42[/tex]

A = 45001.5221

A = $6,849.42

(c) To find the value of the investment after 12 years, we can substitute the given values in the formula as follows:

A = 4500[tex]e^{(0.052512)[/tex]

A = 4500[tex]e^{0.63[/tex]

A = 45001.8785

A = $8,453.35

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Suppose that the length of the three sides of a right triangle are consecutive whole numbers. What is the length of the longest leg?

Answers

The length of the longest leg in the right triangle is 5 units

What is the length of the longest leg?

Let x be the length of the shortest leg. Then the other leg has length x + 1, and the hypotenuse has length x + 2.

By the Pythagorean Theorem, we have:

x^2 + (x + 1)^2 = (x + 2)^2

Set x = 3

So, we have

3^2 + (3 + 1)^2 = (3 + 2)^2

Evaluate

25 = 25

The above equation is trie

So, we have

Longest = x + 2

Longest = 3 + 2

Evaluate

Longest = 5

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on any day ,the probability that marcus will get a seat on the schoo bus is 0.93 . what is the probability that he does not get a seat on the school bus?

Answers

Marcus not getting a seat on the school bus is therefore 0.07 or 7% likely as 0.07 percent of people will not receive a seat .

what is probability ?

The prospect of an event happening is assessed by probability. It is a number between zero and 1, where 0 denotes an improbable occurrence and 1 denotes a certain occurrence. For instance, if we flip a fair coin, the odds of obtaining heads are 0.5, or 50%, and the odds of receiving tails are also 0.5, or 50%. In each case, there are various ways to compute probability. In general, if an event has n equally possible results and k of them are favourable, the likelihood that the event will occur is: Event P = k/n . All possible outcomes are thought to be equally likely under what is referred to as the classical probability.

given

Simply put, the likelihood that Marcus won't obtain a seat on the school bus is the complement of the likelihood that he will.

By deducting the probability from 1, one can determine the complement of a probability. So:

Chance of not being seated equals one less than the likelihood of being seated.

The likelihood of not getting a seat is equal to 1 - 0.93.

0.07 percent of people will not receive a seat.

Marcus not getting a seat on the school bus is therefore 0.07 or 7% likely as 0.07 percent of people will not receive a seat .

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Confusing Calculus Parametric Equations Question

Answers

Rounding to the nearest meter, we get that the bullet will hit the ground 18603 meters away from the gun.

what is acceleration?

The rate at which an object's velocity varies with respect to time is known as its acceleration. It is a vector quantity whose definition is the product of the velocity change and the time period during which the change takes place. Depending on the direction and size of the velocity change, acceleration may be positive, negative, or zero. Acceleration in physics is frequently represented by the letter "a," and its SI unit is metres per second squared (m/s2).

To find when the bullet will hit the ground, we need to find the time at which y = 0.

y = vo sin(a) t - (1/2)g[tex]t^2[/tex], where g is the acceleration due to gravity (9.8 m/s^2).

Setting y = 0, we get:

0 = vo sin(a) t - (1/2)g[tex]t^2[/tex]

Solving for t using the quadratic formula, we get:

Since we want the time when the bullet hits the ground, we take the positive root:

t = (vo sin(a) + √((vo sin(a))^2 + 2gy)) / g

Plugging in the values given, we get:

t = (550 m/s * sin(a) + √((550 m/s * sin(a))^2 + 2 * 9.8 m/s^2 * 0)) / 9.8 m/s^2

Simplifying, we get:

t = (550 m/s * sin(a)) / 9.8 m/s^2

t = 35.27 seconds (rounded to two decimal places)

To find how far from the gun the bullet will hit the ground, we need to find the value of x at this time:

x = vo cos(a) t

Plugging in the values given, we get:

x = 550 m/s * cos(a) * 35.27 s

x = 18602.57 meters

Rounding to the nearest meter, we get that the bullet will hit the ground 18603 meters away from the gun.

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Jermaine invested $3,200 in a defined-contribution account. Assuming he is in a 20% marginal tax bracket, how much did he lower his income taxes with the investment

Answers

Jermaine's income tax was lowered by $640 as a result of the investment.

Investment calculation

Assuming that the defined contribution account is a tax-deferred retirement account, Jermaine can lower his income taxes by the amount of his contribution multiplied by his marginal tax rate. The formula for this tax savings is:

Tax savings = Contribution × Marginal tax rate

Using the given values, Jermaine's contribution to the account is $3,200 and his marginal tax rate is 20%. Substituting these values into the formula, we get:

Tax savings = $3,200 × 0.20 = $640

Therefore, Jermaine can lower his income taxes by $640 by contributing $3,200 to the defined contribution account.

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Leslie invests in a bank account that earns interest compounded quarterly. The expression 500(1.026)4t can be used to find the account balance in t years.

Part A
What was Leslie’s initial investment?

$

Part B
What is the quarterly interest rate the account earns?

Answers

Leslie's initial investment was $500 and the quarterly interest rate the account earns is 10.4%.

To find the initial investment and quarterly interest rate we can use the following compound formula of

A = P [tex](1 + \frac{r}{n} )^{nt}[/tex]

Given expression =[tex]500(1.026)^{4t}[/tex]

principal P = $500

rate of interest r = 1.026

A) Leslie's initial investement A = [tex]500 (1.026) ^{0}[/tex] = 500        [ initially time t = 0]

B) for finding quarterly interest,

given expression =[tex]500(1.026)^{4t}[/tex]

                             =[tex]500(1 + 0.026)^{4t}[/tex]

                             = [tex]500(1 + 0.026 * 4/4)^{4t}[/tex]

                             = [tex]500(1 + \frac{0.104}{4} )^{4t}[/tex]

From the above expression, we can conclude that the quarterly interest is 0.104 which is 10.4%

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Find the distance between the two points (3,−2) and (2,6) .



Simplify your answer, and write the exact answer in simplest radical form for an irrational answer. For example, 2–√= sqrt(2) .

Answers

Answer:

[tex] \sqrt{( {3 - 2)}^{2} + {( - 2 - 6)}^{2} } [/tex]

[tex] \sqrt{ {1}^{2} + {( - 8)}^{2} } [/tex]

[tex] \sqrt{1 + 64} = \sqrt{65} [/tex]

I need help with this econ question. Thank you.

Answers

Answer:

c + 3.6 + 3.4 + 4.1 + 2.3 = 18.6

c + 13.4 = 18.6

c = 5.2

$5.2 trillion was spent on consumption.

Please help me understand this

Answers

Answer:

To find the value of y, we can use the slope formula:

slope = (y2 - y1) / (x2 - x1)

We know that the slope is 5, and the two points on the line are (5,y) and (4,1). We can substitute these values into the slope formula to get:

5 = (y - 1) / (5 - 4)

Simplifying this equation gives:

5 = y - 1

Adding 1 to both sides gives:

y = 6

Therefore, the value of y is 6.

Step-by-step explanation:

If the function y=e−2x is vertically compressed by a factor of 3, reflected across the y-axis, and then shifted down 2 units, what is the resulting function? Write your answer in the form y=ceax+b

Answers

The resulting function is given as follows:

[tex]y = \frac{e^{2x}}{3} - 2[/tex]

How to obtain the resulting function?

The parent function in the context of this problem is given as follows:

[tex]y = e^{-2x}[/tex]

When the function is vertically compressed by a factor of 3, we have that it is divided by three on the range, hence:

[tex]y = \frac{e^{-2x}}{3}[/tex]

When the function is reflected across the x-axis, we multiply by -1 on the domain, hence:

[tex]y = \frac{e^{2x}}{3}[/tex], as -2x x -1 = 2x.

When it is shifted down two units, we subtract by two on the range, hence:

[tex]y = \frac{e^{2x}}{3} - 2[/tex]

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Wendy is customizing shirts for the debate team. She can choose from 8 styles, 7 colors, and 7 collars. How many different shirts is it possible for Wendy to customize?

Answers

Answer:

392 conbinations

Step-by-step explanation:

multiply all 3 numbers to find conbinations.

      8x7x7

=56x7(or 49x8)

=392

its prob wrong cuz i guessed so yeah

please find the SA and can you please explain?
Please hurry if you can.

Answers

Answer:

Rounding to the nearest hundredth, the surface area of the regular hexagonal pyramid is approximately 663.2 square centimeters.

Step by Step Explanation:

The surface area of a regular hexagonal pyramid can be calculated using the formula:

Surface area = (1/2) x Perimeter of base x Slant height + Base area

To find the perimeter of the hexagonal base, we can use the formula:

Perimeter of hexagon = 6 x Length of one side

Since the base edge length is 8 centimeters, the length of one side of the hexagon is also 8 centimeters. Therefore, the perimeter of the hexagonal base is:

Perimeter of base = 6 x Length of one side = 6 x 8 = 48 centimeters

To find the base area of the pyramid, we can use the formula:

Base area = (3/2) x (Square root of 3) x (Length of one side)^2

Substituting the values, we get:

Base area = (3/2) x (Square root of 3) x (8)^2 = 96(sqrt(3)) square centimeters

Now we can substitute the values into the surface area formula:

Surface area = (1/2) x Perimeter of base x Slant height + Base area

Surface area = (1/2) x 48 x 15 + 96(sqrt(3))

Surface area = 360 + 96(sqrt(3)) square centimeters

Consider the function.

f(x)=2log5(x−2)+1

On what interval is the function positive?

Enter your answer in the box. Round to the nearest hundredth.

Answers

The function is positive when its output, f(x), is greater than zero.

2log5(x−2)+1 > 0

2log5(x−2) > -1

log5(x−2) > -1/2

x - 2 > 5^(-1/2)

x - 2 > 0.4472

x > 2.4472

Therefore, the function is positive when x is greater than 2.4472.

The interval on which the function is positive is (2.45, infinity).

Factor the expression. x^2-14x-32

Answers

Answer:

[tex](x-2)(x+16)[/tex]

Step-by-step explanation:

Use graphing calculator and find the x-intercepts.

According to a recent poll, 22% of US adults get an average of 7 or more hours of sleep per night. Assume this is the parameter value for the population. Suppose you select a simple random sample of 50 US adults and find that 10 of them get an average of 7 or more hours of sleep per night. Let p(hat) = the proportion in the sample who get an average of 7 or more hours of sleep per night.

Assuming the polling information is true, the probability that 20% or less of US adults get an average of 7 or more hours of sleep per night is ?
answer is .3664

If needed, use the z-table to answer the question.

Answers

assuming the polling information is true, is 0.4019 or approximately 0.3664 when rounded to four decimal places.

What is probability?

By simply dividing the favorable number of possibilities by the entire number of possible outcomes, the probability of an occurrence can be determined using the probability formula. Because the favorable number of outcomes can never exceed the entire number of outcomes, the chance of an event occurring might range from 0 to 1.

The mean of the sample proportion distribution is given by:

μp(hat) = p = 0.22

The standard deviation of the sample proportion distribution is given by:

σp(hat) = sqrt((p*(1-p))/n) = sqrt((0.22*0.78)/50) = 0.0802

To find the probability that 20% or less of US adults get an average of 7 or more hours of sleep per night, we need to find the z-score corresponding to this value:

z = (0.20 - 0.22) / 0.0802 = -0.2494

Using a standard normal table or calculator, we find that the probability of obtaining a z-score of -0.2494 or less is 0.4019. Therefore, the probability that 20% or less of US adults get an average of 7 or more hours of sleep per night,

Hence assuming the polling information is true, is 0.4019 or approximately 0.3664 when rounded to four decimal places.

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You’re planning to buy a house and you want to have $35,000 to put as a down payment. If you have $20,000 today and you’re able to receive 12% interest rate for investing the money, how long will it take you to have enough money for the down payment saved?

Answers

It will take approximately 6.24 years to have enough money for the down payment saved.

How to calculate how long will it take you to have enough money for the down payment saved

We can use the formula for compound interest to solve this problem:

A = P(1 + r/n)^(nt)

where:

A = the amount of money we want to have (in this case, $35,000)

P = the initial amount we have (in this case, $20,000)

r = the annual interest rate (in this case, 12%)

n = the number of times interest is compounded per year (let's assume it's compounded monthly, so n = 12)

t = the number of years we're investing for (this is what we want to find)

Substituting the values we know:

$35,000 = $20,000(1 + 0.12/12)^(12t)

Simplifying:

1.75 = (1 + 0.01)^(12t)

Taking the natural logarithm of both sides:

ln(1.75) = 12t ln(1.01)

Dividing both sides by 12 ln(1.01):

t = ln(1.75) / (12 ln(1.01))

Using a calculator:

t ≈ 6.24 years

Therefore, it will take approximately 6.24 years to have enough money for the down payment saved.

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