Given P(A)=0.24P(A)=0.24, P(B)=0.4P(B)=0.4 and P(A\text{ or }B)=0.464P(A or B)=0.464, find the value of P(A\text{ and }B)P(A and B), rounding , if necessary.

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step-by-step explanation:

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(a) {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …}

(b) $59 398

step-by-step explanation:

(a) the annual sequence of profits

aₙ = a₁rⁿ⁻¹

the model for the sequence of profits is {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …} .

(b) profit after 15 yr

  a₁ = $ 30 000

  r = 1.05

a₁₅ = 30 000 × 1.05¹⁴

a₁₅ = 30 000 × 1.979 93

a₁₅ = $59 398

the profit in year 15 will be $59 398.