Very complicated problem, but thank goodness I have too much time and am a nerd.
Basically model 1st account as so.
Fv=pv(1+I)^N
Fv future value
Pv present value
I interest
N number years
So first equation is interest earned after 3 years
Y=5000(1+0.023)^3
Y=5353 (rounded up)
So we know that the interest earned is 5353-5000 which is 353.
Now Ronisha (clearly the name of a future investment genius) invests these 353$ in a new account.
Now remember we’re not solving for FV we’re cause we’re given that: 55.2$
However this is the interest earned not the future value. So if interest earned is fv - pv and we know pv
Fv - 353 = 55.2
Fv = 408.2$
So now we reuse the formula
408.2 = 353(1+0.032)^x
Now just solve for x:
First divide both sides by 353
1.156 = 1.032^x
Remember the log rule that states x=b^y is same as y=logb(x)
So using the same logic:
X= log1.032(1.156)
Use some kind of calculator for that where you can adjust log base. But you basically get:
X= 4.602
So Ronisha has to basically invest 5 years or 4.6 years which is 4 years and 7 months.
Omg nevermind, wait it’s simple interest….
Sorry here’s the simple solution. My bad, but I worked so hard on the top part I don’t want to delete it.
I=prt
Interest = principal * rate * time
I= 5000(0.023)(3)=345
Then just do the same but plug 55.2 for I
55.2 = 345(0.032)t
Now solve for t
55.2 = 11.04t
t= 5
As you can see, similar logic where ultimately it takes 5 years. But this “genius” Ronisha should’ve just done compounding interest (my first calculation) and gotten it done in 4.6 years. Almost 5 months faster.
It will change because you will move it back, so instead of being in the thousands place, (being 7,000) it will be in the tens place. (being 70)
Answer:
the chance that the population mean will either be less than $1,500 or above $2,100 is 10%
Step-by-step explanation:
We are 90% confident that the true population mean willl be between $1,500 and $2,100
This means that there is a 90% probability that the true population mean will be between $1,500 and $2,100.
So 100-90 = 10% probability that it is outside of this interval, that is, either be less than $1,500 or above $2,100.
So the correct answer is:
the chance that the population mean will either be less than $1,500 or above $2,100 is 10%
Its d!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The answer is 2.36 :) :) :) :) :)
