Answer:
$1,179
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, lets change 2.6% into a decimal:
2.6% -> -> 0.026
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
The account balance after 10 years will be $1,179
Answer: A. 664
Step-by-step explanation:
Given : A marketing firm is asked to estimate the percent of existing customers who would purchase a "digital upgrade" to their basic cable TV service.
But there is no information regarding the population proportion is mentioned.
Formula to find the samples size , if the prior estimate to the population proportion is unknown :
, where E = Margin of error.
z* = Two -tailed critical z-value
We know that critical value for 99% confidence interval = [By z-table]
Margin of error = 0.05
Then, the minimum sample size would become :
Simplify,
Thus, the required sample size= 664
Hence, the correct answer is A. 664.