The principal represents an amount of money deposited in a savings account subject to
1 answer:
Step-by-step explanation:
So the general formula for compound interest is where t is typically time in years, and n is how many times it's compounded per year. But in this case it's only compounded 1 time per year so the equation is just
. in this case P is the principal amount, r is the interest, and A is the final amount. So the 5% interest rate becomes 0.05 by dividing by 100 to convert it into decimal form and the principle amount of 11,000. This gives you the formula
. This is the answer to the first question where t is the time in years. When it says "Find interest earned" I'm a bit confused, is it giving you x amount of years where you have to calculate the interest earned or does it want a general equation? Because the general equation would be the final amount - the principle amount which calculates the difference. So the equation for interest earned would be
. To calculate the amount of money after 5 years you simply plug in 5 as t. this gives you the equation
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Answer:
Step-by-step explanation:
the mean is given by:
In our case this is:
side note: the main difference between sample mean and population mean is in the 'context'. However, the method to calculate them is the same.
By context I mean: if this the items are taken from some larger category for example: the ages of a few 'students' from a 'class'. Here 'students' are the sample from a larger set that is 'class'. The mean of the 'few students' will be called sample mean. In contrast, if we take the mean of the ages of the whole class then this is called population mean. (population mean == mean of the whole set)
In our case we aren't told exactly where these numbers come from, is this the whole set or a sample from it, the lack of context allows us to assume that the mean can either be population mean or sample mean. So we can safely use any symbol or
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