A banker earns a $75,000 annual salary, a 2.35% commission on any approved loans for the bank’s business customers, and a fee of $3.75 for each application processed. If the banker has a total of $2.8 million in approved business loans and processes 2,750 applications this year, what are the banker’s earnings rounded to the nearest dollar?

Amount earned = $151,113

Step-by-step explanation:

Here, we are interested in calculating the banker’s earnings rounded to the nearest dollar;

We proceed as follows; we have the following;

1. Annual salary of $75,000

2. 2.35% on approved loans.

Approved loans = 2.8 million

Commission = 2.35/100 * 2.8 million = $65,800

3. $3.75 for each processed loan application

Total = 2750

Amount = 3.75 * 2750 = $10,312.50

Total amount earned is thus;

$75,000 + $65,800 + $10,312.50 = 151,112.5 = 151,113 to the nearest dollar

Randomized design.

Step-by-step explanation:

Randomization is the process of assigning the treatments or tested factors to the experimental units in an experiment in accordance to definite laws or probability is technically known as randomization.

A randomized design relies on randomization to control for the effects of extraneous variables.

In a randomized design, objects or subjects are assigned to groups completely at random. One standard method for assigning subjects to treatment groups is labelling each subject and afterwards, using a list of random numbers to select from the labelled subjects. It is used when the experiment has treatment conditions and subjects. Also, subjects are randomly assigned to different treatments.