Colin invests £3300 into his bank account.
1 answer:
Answer:
$3714.18
Step-by-step explanation:
From the question;
Amount invested is $3300
Rate of interest 3% per year compound interest
Time is 4 years
We want to determine the amount that accrued after 4 years
In this case we are going to use the compound interest formula;
That is;
where A is the amount, P is the principal , r is the rate of interest and n is the time taken.
Therefore;
= $3714.18
Therefore, the amount accrued after 4 years is $3714.18
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Using the normal distribution, it is found that 63.18% of the area under the curve of the standard normal distribution is between z = − 0.9 z = - 0.9.
<h3>Normal Probability Distribution</h3>The z-score of a measure X of a normally distributed variable with mean and standard deviation
is given by:
- The z-score measures how many standard deviations the measure is above or below the mean.
- Looking at the z-score table, the p-value associated with this z-score is found, which is the percentile of X.
The area within 0.9 standard deviations of the mean is the <u>p-value of Z = 0.9(0.8159) subtracted by the p-value of Z = -0.9(0.1841)</u>, hence:
0.8159 - 0.1841 = 0.6318 = 63.18%.
More can be learned about the normal distribution at brainly.com/question/4079902
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