Math
posted by A .
Parents may help to save for their children’s university education using Registered Education Savings Plans (RESPs). Under the Canada Education Savings Grant Program, the government matches 20% of the parent’s contributions to an RESP (to an annual maximum). In addition, the income earned within an RESP is not taxed (the tax liability is deferred until the money is used for postsecondary eduation).
In 2000, 7.2% of taxpayers with children under the age of 19 contributed to an RESP.
An elementary school has 16 classrooms, each with 1 teacher and 20 students. During ParentTeacher Interviews, each teacher asks the parents of the students in his or her class if they are contributing to an RESP for their son or daughter.
(a) What is the expected number of parents who contribute (for a given class).
(b) What is the probability that more than half of parents are contributing in a given
class?
(c) What is the probability that 1/4 of the classes report more than 3 parents contributing?
Respond to this Question
Similar Questions

arithmetic
Amelia's parents and grand parents have both opened savings accounts to save for Amelia's education this year. Amelia's parents' savings account earned 5% interest and her grandparents account earned 8% interest. This year the two … 
math (pls help)
Amelia's parents and grand parents have both opened savings accounts to save for Amelia's education this year. Amelia's parents' savings account earned 5% interest and her grandparents account earned 8% interest. This year the two … 
algebra
Amelia's parents and grand parents have both opened savings accounts to save for Amelia's education this year. Amelia's parents' savings account earned 5% interest and her grandparents account earned 8% interest. This year the two … 
Math
Parents may help to save for their children’s university education using Registered Education Savings Plans (RESPs). Under the Canada Education Savings Grant Program, the government matches 20% of the parent’s contributions … 
childcare
The major goal of parent education is to A improve parenting skill B help parents get jobs C improve education of children D provide social support My answer is D 
english
Education in financial planning teaches (simple present tense) me how to save money for my children’s college education. Could someone tell me if this is correct? 
Math
A Registered Education Savings Plan (RESP) earns interest at a rate of 5% per year, compounded annually. Jasmine’s parents invest $4000 in the account today. a) Determine an explicit formula to represent the value of the investment. … 
math
the fany budget is: food $450, housing $300, insurance $122, personal $80, misc. $80, clothing $160, savings $150, transportation $178. what percent of take home pay is spent for education if education, savings, and misc. funds are … 
math
Enrique’s parents want to save for his education. On his 12th birthday, they deposit $6,000 in a savings account that pays 5% simple annual interest. What will the balance be when he turns 18? 
Math
Zoey has invested $30 000 in a registered education savings plan (RESP). She wants her investment to grow to at least $50 000, so that her newborn can go to university at age 18. What interest rate, compounded annually, will result …