Answer:
B. The width of the confidence interval would be smaller.
Step-by-step explanation:
By reducing the confidence level from 99% to 95%, the student assumes that there is more uncertainty about the new confidence interval than the previous one. That, being said, since the results aren't as certain, the confidence interval is widened towards a central average point because the new interval isn't as accurate.
Therefore, the answer is B. The width of the confidence interval would be smaller.
Answer:
The loan was for 9 months only
Step-by-step explanation:
In this question, we are concerned with calculating the time taken for a loan om an interest to be paid back
To calculate this, we use the simple interest formula
Mathematically;
I = PRT/100
where P is the principal which is the amount borrowed and that is $500 according to the question
R is the rate which is 8% according to the question
Interest can be calculated by subtracting the principal from the amount paid back = 530-500 = 30$
We now plug these values into the equation
30 = (500 × 8× T)/100
100 × 30 = 4000T
T = 3000/4000
T = 0.75 (same as 0.75 × 12 months = 9 months)
