You Won the Lottery and Have a Number of Choices

question 199

Multiple Choice

You won the lottery and have a number of choices as to how to take the money. Which choice yields a greater present value?

• A) $12,000 a year at the end of each of the next 6 years using a 6% discount rate
• B) $53,500 (lump sum) now using a 6% discount rate
• C) $84,000 (lump sum) 7 years from now using a 6% discount rate
• D) $92,000 (lump sum) 7 years from now using an 8% discount rate

Describe the stratification of lakes and its environmental impact.

Explain the role of phytoplankton in oceanic nutrient cycles.

Distinguish among the different biomes and understand their climatic requirements.

Understand the influence of geographical features on climate and biome distribution.

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Definitions:

Sample Proportion

The fraction of items in a sample that have a particular attribute, used as an estimate of the proportion in the full population.

Population Proportion

The ratio of members in a population who have a certain attribute to the total number of members in the population.

Equal Chance

The principle or condition ensuring that all outcomes or members of a group have the same probability of occurrence or selection.

Central Limit Theorem

A statistical theory that states that, given a sufficiently large sample size, the distribution of the sample mean will be approximately normally distributed, regardless of the distribution of the parent population.