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kozerog [31]
2 years ago
11

Bart wants to deposit his piggy bank savings into a savings account. If he deposits $325. 76, how many whole years will it take,

at 2% simple
Interest, for that amount to grow to $400. 00?


A. 12 years

B. 4 years

C. 16 years

D. 8 years
Mathematics
1 answer:
vladimir1956 [14]2 years ago
6 0

Answer:

Step-by-step explanation:

Compounding interest :

Future value of money = Present value * (1+ r)^N

r - interest rate

n - number of period

In our example, Present value = 325.76, FV = 400, r = 2%, and we need to find N

by solving that we can find it that N is equal to 10.3675

Simple interest :

400 - 325.76 = 74.26$ we need to increase

325.76*2% = 6.5152$ each year

74.26 / 6.5152 = 11.3949

as a whole year = 12years

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Answer:

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A. One-proportion z-test

When we conduct a proportion test we need to use the z statisitc, and the is given by:  

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And the conditions required are:

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Data given and notation

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p_o=0.146 is the value that we want to test

\alpha represent the significance level

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Solution to the problem

We need to conduct a hypothesis in order to test the claim that the true proportion is equal to 14.6% or not. So we need to use a one proportion z test and the system of hypothesis are:  

Null hypothesis:p=0.146  

Alternative hypothesis:p \neq 0.146  

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When we conduct a proportion test we need to use the z statisitc, and the is given by:  

z=\frac{\hat p -p_o}{\sqrt{\frac{p_o (1-p_o)}{n}}} (1)  

And the conditions required are:

1) The data comes from a random sampling

2) Independence condition between observations

3) np>10 and n(1-p)>10

4) The sample size is 10 times lower than the population size.

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