Jolene set up a retirement account. She arranged to have $350 taken out of each of her monthly checks; the account will earn 2.1
1 answer:
Answer:
$152,419.36
Step-by-step explanation:
The future value of an ordinary annuity is given by the formula ...
FV = P((1 +r/12)^(12t) -1)/(r/12)
where P is the monthly payment, r is the annual interest rate, and t is the number of years.
<h3>Annuity value</h3>For P = 350, r = 0.021, and t = 27 (years to retirement age), the value is ...
FV = 350((1 +0.021/12)^324 -1)/(0.021/12) ≈ $152,419.36
The value of Jolene's retirement account when she turns 60 will be $152,419.36.
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Complete Question
ymposium is part of a larger work referred to as Plato's Dialogues. Wishart and Leach† found that about 21.4% of five-syllable sequences in Symposium are of the type in which four are short and one is long. Suppose an antiquities store in Athens has a very old manuscript that the owner claims is part of Plato's Dialogues. A random sample of 498 five-syllable sequences from this manuscript showed that 129 were of the type four short and one long. Do the data indicate that the population proportion of this type of five-syllable sequence is higher than that found in Plato's Symposium? Use = 0.01.
a. What is the value of the sample test statistic? (Round your answer to two decimal places.)
b. Find the P-value of the test statistic. (Round your answer to four decimal places.)
Answer:
a)
b)
Step-by-step explanation:
From the question we are told that:
Probability of Wishart and Leach
Population Size
Sample size
Therefore
Generally the Null and Alternative Hypothesis is mathematically given by
Test Statistics
Therefore P Value is given as