A loan of $50,000 is taken out for six years at 9% interest compounded annually. If the loan is paid off in full at the end of that time period, $50433 must be returned.
<h3>What is Compound interest?</h3>
- Compound interest is calculated by multiplying the initial loan amount, or principal, by one plus the annual interest rate multiplied by the number of compound periods multiplied by one.
- Compound interest is when you earn interest on both your savings and your interest earnings. When you compound interest, you add the interest you've earned back into your principal balance, which earns you even more interest, compounding your returns.
- Assume you have $1,000 in a savings account earning 5% interest per year. You'd earn $50 in year one, giving you a new balance of $1,050. Compound interest occurs when interest earned on savings begins to earn interest on itself.
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Answer:
x = -7
Step-by-step explanation:
41 + 76 + x + 70 = 180
x + 187 = 180
x = 180 - 187
x = -7
Answer:
1. Three things influence the margin of error in a confidence interval estimate of a population mean: sample size, variability in the population, and confidence level. For each of these quantities separately, explain briefly what happens to the margin of error as that quantity increases.
Answer: As sample size increases, the margin of error decreases. As the variability in the population increases, the margin of error increases. As the confidence level increases, the margin of error increases. Incidentally, population variability is not something we can usually control, but more meticulous collection of data can reduce the variability in our measurements. The third of these—the relationship between confidence level and margin of error seems contradictory to many students because they are confusing accuracy (confidence level) and precision (margin of error). If you want to be surer of hitting a target with a spotlight, then you make your spotlight bigger.
