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Suppose you have weekly cash expenses of $400.The bank charges $0.4 every time cash is withdrawn.The bank pays 1% interest per year.Given this information, what is the optimal withdrawal size? What is the average amount of cash on hand? How often should you withdraw funds?
Exponent
An exponent refers to a mathematical notation indicating the number of times a number (the base) is multiplied by itself.
Normal Distribution Curve
A bell-shaped curve that represents the distribution of a set of data where most observations cluster around the mean.
Binomial Distribution Curve
A probability distribution graph that represents the likelihood of a given number of successes over a series of trials, with only two possible outcomes.
Poisson Distribution Curve
A graphical representation of the Poisson distribution, showing the probability of a given number of events over a fixed interval.
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