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The Amount of Money That Jon Can Save After Working

question 213

Multiple Choice

The amount of money that Jon can save after working for a summer is a random variable S with a mean of $1700 and a standard deviation of $100.After saving this money Jon plans to go on a trip to India.He will change his money into Rupees at an exchange rate of 43 Rupees to one Dollar.This money he will bring to India.When he arrives in India he will buy a used motorbike.The price in India of a motorbike of the type he wants is a random variable B with a mean of 18,500 Rupees and a standard deviation of 500 Rupees.The amount of money Jon will have left (in Rupees) after changing his savings into Rupees and buying a motorbike in India is a random variable P.Write an expression for P in terms of S and B.

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Definitions:

Release

An agreement in which one party frees another from liability, claims, or demands, or the act of making a legal document publicly available.

Offeree's Silence

Generally not considered an acceptance of an offer in contract law, unless certain conditions or previous dealings imply agreement.

Acceptance

In contract law, the unconditional agreement to the terms of an offer, which once given, creates a binding contract.

Mirror Image Rule

A principle in contract law stating that an offer must be accepted exactly without modifications; any changes to the terms effectively make the acceptance a counteroffer.