Suppose a poker hand is dealt to an engineer at a casino and the
engineer would like to know how many poker hands are possible when 5
cards are dealt from 52.
Solution:
n!
No. of ways =
(n - r)! r!
52!
No. of poker hands =
(52 - 5)! 5!
No. of poker hands = 2,598,960
, Refresher - MATHEMATICS Quiz 22
PROBLEM 2:
Many bridges are built of steel-reinforced concrete. As long as the steel is
protected from corrosion, the bridge lives are very long. The cast difference
between proper maintenance and early replacement is also very large. For
example, a particular bridge would cost $200,000 now to repair or $1.8M in 10
years to replace. The state highway department claims it uses an interest rate of
8%, but it has decided to replace the bridge later due to a current shortage of
funds. The state agency also anticipates some federal funding for the
replacement bridge. What is the implied interest rate for choosing to replace later
rather than to repair now?
Solution:
0 1 2 3 4 5 6 7 8 9 10
1800000
200000
A = P(1 + i)n
1,800,000 = 200,000(1 + i)10
(1 + i)10 = 9
(1 + i) = (9)1/10
1 + i = 1.246
i = 24.6%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller DocuPlex. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.