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garik1379 [7]
1 year ago
9

When your daughter was born, you decided that you would start saving money for her college education, and you felt that you woul

d like to have $50,000 by the time that she turns 18. If you can invest in a long-term account that pays 2% per year, paid quarterly, then how much should you invest monthly to have the required amount in time for your daughter to go off to college? $192.50 $316.34 OOOC $129.08 $578.64 ♡
Mathematics
1 answer:
Lynna [10]1 year ago
6 0

Given in the question:

a.) You would like to have $50,000 by the time your daughter turns 18.

b.) You can invest in a long-term account that pays 2% per year, paid quarterly.

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Answer:

MoE = 1.645\cdot \frac{13.1}{\sqrt{772} } \\\\MoE = 1.645\cdot 0.47147\\\\MoE = 0.776\\\\

Step-by-step explanation:

Since the sample size is quite large, we can use the z-distribution.

The margin of error is  given by

$ MoE = z_{\alpha/2}(\frac{s}{\sqrt{n} } ) $

Where n is the sample size, s is the sample standard deviation and z_{\alpha/2} is the z-score corresponding to a 90% confidence level.

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MoE = 1.645\cdot \frac{13.1}{\sqrt{772} } \\\\MoE = 1.645\cdot 0.47147\\\\MoE = 0.776\\\\

Therefore, the margin of error is 0.776.

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