Suppose you make a charge of $1000 to a new credit card, but then charge nothing else and make the minimum payment each month. If the finance charges amount to a monthly rate of 1% and the minimum payment is 6% of the new balance, then your balance B, in dollars, after n payments is an exponential function given by the following formula. B = 1000 x an Here the decay factor a is obtained from the finance charge and the minimum payment as shown in the following formula. a = (1 + 0.01)(1 – 0.06) (a) Find the exact value of the decay factor a. (Round your answer to three decimal places.) (b) By what percentage does your balance decrease each month? (Round your answer to one decimal place.) (c) What will your balance be after you have made payments for 1 years? (Round your answer to two decimal places.)

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A: A=P1+rnntP is the invested amountr is the rate of interest t is the time periodn=1 for annually, 2…

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A:

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A:

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A:

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A:

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A: Answer is mentioned below

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A: Let's find.

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A:

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A:

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A:

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A: Let  Q = a ebt .Given Q = 3000 when t = 0⇒ a = 3000.  Again for t = 2 , Q =2×3000= 6000

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A:

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A: Find the correct equation

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A:

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A: ANSWER IS AS BELOW:

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A:

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A:

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A: here interest is compounded continuously so the formula is given by here we have A=100 t=5 years…

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A:

Q: If investment A has an annual return of 4% with continuously compounded interest, and Jane has $500…

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A: given:- Initial amount P0=$15000 Rate of Interest r=48%   =0.48 Compounded monthly, n=12 then, Total…

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.