Answer:
8 years
Step-by-step explanation:
You need to use the future value for simple interest equation here:
future value = principal x (1 + interest rate x time)
Given:
FV = 8000
p = 5000
r = 0.08
t = ?
It will take 8 years to reach $8000 (you need to round the 7.5 up because the interest is only calculated once annually - your answer must be a whole number).
Answer:
Lower limit: 113.28
Upper limit: 126.72
Step-by-step explanation:
Problems of normally distributed samples are solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this problem, we have that:
Middle 60%
So it goes from X when Z has a pvalue of 0.5 - 0.6/2 = 0.2 to X when Z has a pvalue of 0.5 + 0.6/2 = 0.8
Lower limit
X when Z has a pvalue of 0.20. So X when
Upper limit
X when Z has a pvalue of 0.80. So X when