This questions is poorly worded but these sorts of problems you encounter in actuarial studies.
The reason that it's a poor question is because of the uncertainty of a 27th payment i.e. is the end of the 25th year immediately before the payment then due at the beginning of the 26th or...
Your listing or enumeration of cases is reasonable but it's not valid to use it as the possible outcomes since they arn't equally likely. You cover it at uni if you do combinatorics but just remember that for probability the outcomes must be equally likely.
No they arn't. probability=number of favourable outcomes/number of possible outcomes. This method is valid provided the number of possible outcomes is finite and equally likely.
Hey all done guys I reckon 2HD/2D or 3HD/1D. This sem was pretty rough definitely the hardest I've worked. Lost 14 weekend days to RFS and had multiple assignments due in week 13 and 1st week of exams in addition to all the effort of job searching. Still, I'm glad I found the gym. Gave me a good...
Business analytics has a bit of applied statistics as well especially in the later units. The maths in finance units is very simplistic. Like very, everything you need will be covered in a basic 1st year stat unit. In the finance units you generally don't derive things such as the DMT for a...