- Identify the age you will be on your birthday this year.
- Identify the age at which you wish to retire. Identify the number of years before retirement.
- Identify the age at which you anticipate dying. Identify the number of years of retirement.
- Identify the monthly payment you anticipate needing during your retirement.
- Calculate the present value necessary on the date of retirement to finance your retirement.
- The present value needed to retire is the future value necessary upon retirement. Calculate the monthly payment needed before retirement to have enough money to retire.
- Calculate the amount of money in your retirement fund after ten years assuming you make the regular payments just calculated.
- After the ten years, assume that you receive an inheritance of $50,000 and add it to your retirement fund. If you stop making regular payments, and just let what money is in the account draw interest, what will the amount be at the time of retirement?
- Subtract this amount from the future value needed upon retirement and recompute the monthly payment necessary to obtain the future value. Remember that ten years have gone by.

- Create an incidence matrix for the routes between the cities.
- How many ways can a passenger get from Joliet to Bloomington with no stops in-between (again, only consider the seven cities listed)?
- How many ways can a passenger get from Joliet to Bloomington with exactly one stop between? With either 0 or 1 stop between?
- How many ways can a passenger get from Joliet to Bloomington with exactly two stops between? With either 0, 1, or 2 stops between?
- How many ways can a passenger get from Joliet to Bloomington with exactly three stops between? With either 0, 1, 2, or 3 stops between?

- Royal Flush - (Five highest cards from ten through ace in any single suit)
- Straight Flush - (Five cards of the same suit in numerical order)
- Four of a Kind
- Full House - (Three of one kind of card and two of another)
- Flush - (Five cards of the same suit)
- Straight - (Five cards in sequence but not the same suit)
- Three of a Kind
- Two Pairs
- One Pair

This game can be analyzed using absorbing Markov Chains.

- Draw a transition diagram.
- Write the transition matrix
- Find the fundamental matrix and limiting matrix.
- What is the probability that player A will win all of the money if (s)he starts with $1, $2, $3, or $4?
- What is the average number of coin tosses until the game ends if player A starts with $1, $2, $3, or $4?

Last updated: Sunday, June 9, 1996 at 9:35 pm

Send comments to james@richland.edu.