Dice Rolling (Part 4): Little Jimmy recorded data for a dice…
Dice Rolling (Part 4): Little Jimmy recorded data for a dice rolling scenario much like what we did in class. He rolled dice and any die which was rolled a “1” he removed before proceeding to the next roll. Unfortunately, Little Jimmy had a cup of hot chocolate and spilled it all over his paper, obscuring some of the data. Using the Average % Remaining value, write an exponential model for this data in the form
Read DetailsTiered Rewards (Part 2): You are looking to apply for a new…
Tiered Rewards (Part 2): You are looking to apply for a new credit card. In researching some options out there, you find a card that is advertising a “tiered reward” system. Curious, you look up the details. What you find is that the rewards are structured this way: If total spent is over— but less than— Card Rewards: $50 $500 1.5% of total spending over $50 $500 $1,000 $6.75 plus 2.75% of total spending over $500 $1,000 $10,000 $20.50 plus 4.25% of the amount over $1,000 $10,000 no limit $403 plus 5.5% of the amount over $10,000 You will want to use your answers to Tiered Rewards (Part 1) (Question 8 above) to help you answer this question. The main drawback of this card is that it has a very high APR of 23.64%. Suppose you are only able to initially pay $440 of the $850 you spent in the scenario above. Then you are able to pay off the remaining balance on the next statement. You earned rewards for this spending, but then you also had to pay interest. Did you end up gaining money or losing money? How much was gained/lost? Hint: Consider how much you have to pay in interest.
Read DetailsNancy’s Pool (Part 2): Nancy has a nice pool in her backyard…
Nancy’s Pool (Part 2): Nancy has a nice pool in her backyard. Her pool is 15 feet by 30 feet with a depth of about 6 feet, though she’ll only fill it with water to 5 feet 4 inches. One way to provide the pool with chlorine is to give it a weekly “shock treatment” of chlorine. You may use your work from Nancy’s Pool (Part 1) as needed. A – [4 points] One product says to add 1 bottle of the product every week for every 12,000 gallons in the pool. How many bottles should Nancy use weekly in her pool? Round your answer to two decimal places, if necessary. B – [8 points] Nancy only keeps the pool usable for her kids’ summer break from school, which is 14 weeks long. The “shock” treatment bottles are sold as 6-packs for $24.97. How many 6-packs will Nancy need to buy to have enough for the summer? How much will this cost?
Read DetailsTiered Rewards (Part 1): You are looking to apply for a new…
Tiered Rewards (Part 1): You are looking to apply for a new credit card. In researching some options out there, you find a card that is advertising a “tiered reward” system. Curious, you look up the details. What you find is that the rewards are structured this way: If total spent is over— but less than— Card Rewards: $50 $500 1.5% of total spending over $50 $500 $1,000 $6.75 plus 2.75% of total spending over $500 $1,000 $10,000 $20.50 plus 4.25% of the amount over $1,000 $10,000 no limit $403 plus 5.5% of the amount over $10,000 A – [7 points] How much would you receive in rewards if you spent $850 on the card in a given month? B – [3 points] What would be the effective reward rate for the spending in part (A)? C – [4 points] In a sentence or two, explain what this effective reward means in this context.
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