You invested $7,000 into a money market account for 10 years at an annual interest rate of 3%. How much is the accrued interest?
1 answer:
The total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.
<h3>What is invested amount?</h3>An investment is a payment made to acquire the securities of other firms with the intention of making a profit.
We are assuming the interest will be compounded annually
Where A = Final amount
P = Principal amount
r = annual rate of interest
n = how many times interest is compounded per year
t = How long the money is deposited or borrowed (in years)
We have:
P = $7000
r = 3% = 0.03
t = 10 years
n = 1
After calculating:
A = $9407.41
I = A - P = 9407.41 - 7000 = $2,407.41
Thus, the total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.
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Answer:
represent the sample for the sample 1
represent the sample for the sample 2
represent the deviation for the sample 1
represent the deviation for the sample 2
represent the sample size for the group 1
represent the sample size for the group 2
And on this case if we create the system of hypothesis we have this:
Null hypothesis :
Alternative hypothesis:
Step-by-step explanation:
Previous concepts
A hypothesis is defined as "a speculation or theory based on insufficient evidence that lends itself to further testing and experimentation. With further testing, a hypothesis can usually be proven true or false".
The null hypothesis is defined as "a hypothesis that says there is no statistical significance between the two variables in the hypothesis. It is the hypothesis that the researcher is trying to disprove".
The alternative hypothesis is "just the inverse, or opposite, of the null hypothesis. It is the hypothesis that researcher is trying to prove".
On this caseHe wants to prove that Raymondville residents (population 1) dine out more often than Rosenberg residents (population 2). So this statement need to be on the alternative hypothesis. And the complement of the alternative hypothesis would be on the null hypothesis.
Solution to the problem
We assume that we have the following statistics:
represent the sample for the sample 1
represent the sample for the sample 2
represent the deviation for the sample 1
represent the deviation for the sample 2
represent the sample size for the group 1
represent the sample size for the group 2
And on this case if we create the system of hypothesis we have this:
Null hypothesis :
Alternative hypothesis: