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Chapter 11: Problem 29
The model of the car you are thinking of buying is available in nine different colors and three different styles (hatchback, sedan, or station wagon). In how many ways can you order the car?
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Research and present a group report on state lotteries. Include answers to some or all of the following questions: Which states do not have lotteries? Why not? How much is spent per capita on lotteries? What are some of the lottery games? What is the probability of winning top prize in these games? What income groups spend the greatest amount of money on lotteries? If your state has a lottery, what does it do with the money it makes? Is the way the money is spent what was promised when the lottery first began?
Will help you prepare for the material covered in the next section. Use the formula \(a_{n}=a_{1} 3^{n-1}\) to find the seventh term of the sequence \(11,33,99,297, \ldots\)
You are now 25 years old and would like to retire at age 55 with a retirement fund of \(\$ 1,000,000 .\) How much should you deposit at the end of each month for the next 30 years in an IRA paying \(10 \%\) annual interest compounded monthly to achieve your goal? Round up to the nearest dollar.
Here are two ways of investing \(\$ 40,000\) for 25 years. \(\begin{array}{cccc}{\text { Lump-Sum Deposit }} & {\text { Rate }} & {\text { Time }} \\ {\$ 40,000} & {6.5 \% \text { compounded }} & {25 \text { years }} \\\ {} & {\text { annually }}\end{array}\) $$ \begin{array}{ll} {\text { Periodic Deposits }} & {\text { Rate } \quad \text { Time }} \\ {\$ 1600 \text { at the end }} & {6.5 \% \text { compounded } 25 \text { years }} \\ {\text { of each year }} & {\text { annually }} \end{array} $$ After 25 years, how much more will you have from the lump-sum investment than from the annuity?
How do you determine if an infinite geometric series has a sum? Explain how to find the sum of such an infinite geometric series.
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