Production facilities will be damaged by fire in given year

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Reference no: EM131822195

Your younger sibling tells your parents that he is off to Ball State in 4 years to get a degree. Your parents have been saving $ 5000 per year for the last 10 years at 5%. TheUni will cost $ 25,000 per year. The parents decide that they need to save more and increase their saving to $ 10,000 per year. The interest rate goes up to 6%.

a. Will your brother have the funds to go to College?

b. You would like your parents to ‘gift’ you $ 10000 per yearfor 5 years. This will enable you to pursue a MBA/Ph. D. Your parents say ‘YES.”

c. Your parents plan to spend $ 510000/yRST Company has production facilities in Salt Lake City and Cleveland. The probability that in any given year a fire will damage the production facility in Salt Lake City is 5 percent. The probability that in any given year a fire will damage the Cleveland production facility is 15 percent. What is the probability that AT LEAST ONE of the production facilities will be damaged by fire in any given year? Show all work. ear travelling. How many trips can they make?

Reference no: EM131822195

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