Concept explainers
This activity is a group research project intended for four or five people. Present your research in a seminar on the history of interest and banking. The seminar should last about 30 minutes. Address the following questions: When was interest first charged on loans? How was lending money for a fee opposed historically? What is usury? What connection did banking and banking and interest rates play in the historic European rivalries between Christians and Jews? When and where were some of the highest interest rates charged? What were the rates? Where does the word in interest come from? What is the origin of the word shylock? What is the difference between usury and interest in modern times? What is the history of a national bank in the United States?
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Thinking Mathematically (7th Edition)
- In a telephone survey of 1000 adults, respondents were asked about the expenses on a management education and relative necessity of some form of financial assistance. The respondents were classified according to whether they currently had a child studying in a school of management and whether they thought that the loan burden for most management students is too high, right amount, or too little. The proportions responding in each category are given below: Too High(A) Right Amount(B) Too Little(C) Child Studying 0.35 0.08 0.01management (D)No Child Studying 0.25 0.20 0.11Management (E) Suppose one respondent is chosen at random from this group. Then (i) What is the probability that the respondent has a child studying management?(ii) Given that the respondent has a child studying management, what is the probability that he/she ranks the loan burden “too…arrow_forwardQuestion 1 Employees in 2012 paid 4.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much will someone earning $20,000 a year pay towards social security out of their gross wages? %24 Give your answer accurate to at least the nearest dollar. Question Help: Video Message instructor Submit Question OME MARarrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. Only 355 of the 1,000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans who can answer this question correctly is less than 0.40 (40%)? Use the five-step process for hypothesis testing (HMC3) described in this section and ? = 0.05 to test the appropriate hypotheses. The paper also reported that 37.2%…arrow_forward
- A paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never-you will continue to be in debt; (e) don't know; and (f) prefer not to answer. A USE SALT (a) Only 355 of the 1,000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans who can answer this question correctly is less than 0.40 (40%)? Use the five-step process for hypothesis testing (HMC3) described in this section and a = 0.05 to test the appropriate hypotheses. (Hint: See Example…arrow_forward….……………….……………………... ..………..….. In an effort to reduce its inventory, a warehouse runs a sale on its least popular Blu-ray discs. The sales rate (discs sold per day) on day t of the sale is predicted to be 70/t (for t≥ 1), where t = 1 corresponds to the beginning of the sale, at which time none of the inventory of 200 discs had been sold. (a) Find a formula for the total number of discs sold up to day t. C(t) = (b) Will the store have sold its inventory of 200 discs by day t = 70? Yes O Noarrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. The paper also reported that 37.6% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p = 1 3 versus…arrow_forward
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