Simple Interest
What is the simple interest formula?
I = Prt
What is the compound interest formula?
A = P(1+r/n)^(nt)
What is the combinations formula?
(n!)/((n-r)!r!)
What is the permutation formula?
(n!)/((n-r)!)
What is the probability formula for event, E?
P(E)=(n(E))/(n(S))
What does P represent in the simple interest formula?
Principal
What is my n if I want compounding to be monthly?
12
True/False: No item is used more than once and the order of the items makes no difference.
TRUE
Does order matter?
YES
What do probabilities ALWAYS sum to?
1
Determine the interest that is accrued on $5500 for 5 years at a rate of 8.5%.
I = Prt
I = 5500 (0.085)(5)
I = $2337.50
What is the compound continuously formula?
A = Pert
What is
(8!)/((8-3)!3!)
56
What is
(26!)/((26-5)!)?
7,893,600
If you are randomly selecting a card from a 52 standard deck, what is the probability you choose a heart?
1/4
If you know I = $5200, P = $2000, t = 2 years; then what is r?
1.3%
If I deposits $12,000 into an account with an annual interest rate of 4.5% compounded monthly. How much money will there be in the account in 10 years?
A=12000(1+0.045/12)^(12\times 10)
A = $18,803.91
How many 3 person committees could be formed from 8 people?
8C3 = 56
10 students are running for SGA and the only 2 positions that are open is President and VP. The student with the highest votes gets President and next highest gets VP. How many different outcomes are possible?
10P2= 90
If you are randomly selecting a card from a 52 card standard deck, what is the probability you do not get a king?
1-P(K) = 1 - 1/13 = 12/13
Find the total cost of a loan for $4320 that has a simple interest rate of 15% for 18 months.
$5292
Find the future value of $8900 invested at a rate of 2.05% that is compounded continuously over 15 years.
A=8900e^(0.0205\times 15)
A = $12,104,19
If you have 7 books that need to go on a shelf, but there are only space for 4. How many different ways can the 4 books be chosen to go on the shelf?
7C4 = 35
You and 7 friends have decided to start a club on campus. The group needs to choose 3 officers: President, VP, and Secretary. In how many ways can this be done?
8P3= (8!)/((8-3)!)=336
If a bin contains 10 blue pens, 6 green pens, and 8 purple pens. What is the probability of picking 1 blue, 1 green, and 1 purple in that order without replacement?
10/253