Teri invested $1500 in an account with an interest rate of 2.25% compounded continuously. How long will it take for Teri's accou
1 answer:
It will take 54 days for Teri's account to earn an amount of $5000.
<h3>What is compound interest?</h3>Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
It occurs when interest is reinvested, or added to the loaned capital rather than paid out, or when the borrower is required to pay it, so that interest is generated the next period on the principal amount plus any accumulated interest. In finance and economics, compound interest is common.
It is given by formula
A =
where:
A is final amount
p is principal amount
r is rate of interest and
t, is time period
Given: A= $5000, p=$1500, r=2.25% = 0.0225
To find: time period to get compounded amount
5000=1500×
=
0.0225t = ㏑ ()
t = 53.5099 ≈ 54 days
Learn more about compound interest here:
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Answer:
Using the frequency distribution, I found the mean height to be 70.2903 with a standard deviation of 3.5795
Step-by-step explanation:
Given
See attachment for class
Solving (a): Fill the midpoint of each class.
Midpoint (M) is calculated as:
Where
Lower class interval
Upper class interval
So, we have:
Class 63-65:
Class 66 - 68:
When the computation is completed, the frequency distribution will be:
Solving (b): Mean and standard deviation using 1-VarStats
Using 1-VarStats, the solution is:
<em>See attachment for result of 1-VarStats</em>
