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3 years ago

Find the amount of interest on $1,500 invested for 20 days at 6.75%, compounded daily. $_____

Mathematics

1 answer:

LekaFEV [45]3 years ago

4 0

Answer:

The required amount of interest is $5538.

Step-by-step explanation:

Given : $1,500 invested for 20 days at 6.75%, compounded daily.

To find : The amount of interest ?

Solution :

Applying compound interest formula,

$A=P(1+r)^t$

Where, A is the amount

P is the principal P=$1500

r is the interest rate r=6.75%=0.0675 compounded daily

t is the time t=20 days

Substitute the value in the formula,

$A=P(1+r)^t$

$A=1500(1+0.0675)^{20}$

$A=1500(1.0675)^{20}$

$A=1500\times 3.69$

$A=\$5538$

Therefore, The required amount of interest is $5538.

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2 years ago

A statistics student wants to compare his final exam score to his friend's final exam score from last year; however, the two exa

yarga [219]

Answer:

$z= \frac{85-70}{10}=1.5$

$z= \frac{45-35}{5}=2$

So then the correct answer for this case is:

B) Our student, Z= 1.50; his friend, Z=2.00.

Step-by-step explanation:

Assuming this complete question:

A statistics student wants to compare his final exam score to his friend's final exam score from last year; however, the two exams were scored on different scales. Remembering what he learned about the advantages of Z scores, he asks his friend for the mean and standard deviation of her class on the exam, as well as her final exam score. Here is the information:

Our student: Final exam score = 85; Class: M = 70; SD = 10.

His friend: Final exam score = 45; Class: M = 35; SD = 5.

The Z score for the student and his friend are:

A) Our student, Z= -1.07; his friend, Z= -1.14.

B) Our student, Z= 1.50; his friend, Z=2.00.

C) Our student, Z= 1.07; his friend, Z= -1.14.

D) Our student, Z= 1.07; his friend, Z= 1.50

Step-by-step explanation:

Previous concepts

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".

Solution

Let X the random variable that represent the scores for our student, and for this case we know that:

$E(X)= \mu =70, SD_X=\sigma=10$