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3 years ago

Find the amount saved after 3 years of $250 is deposited monthly at a rate of 5.5%

Mathematics

2 answers:

slava [35]3 years ago

7 0

The answer would be $495 and in the picture it explains how I got that in steps.

Lostsunrise [7]3 years ago

4 0

Chere is 3*12=36 months in three years. We will use then the following formula in order to compute the saving:
$250(1.055)^{36}=\$1718$

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pishuonlain [190]

Answer:

Step-by-step explanation:

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3 years ago

A government report gives a 99% confidence interval for the proportion of welfare recipients who have been receiving welfare ben

juin [17]

Answer:

The estimation for the proportion for this case is $\hat p = 0.21$

And we know that the 99% confidence interval is given by:

$0.21 \pm 0.045$

So then the margin of error at 99% of confidence is 0.045, and the margin of error is given by this formula:

$ME= z_{\alpha/2} \sqrt{\frac{\hat p(1-\hat p)}{n}}$

If we decrease the confidence level this margin of error can't be higher than 0.045 so then the correct answer for this case would be:

d. 21% ± 4.8%

Because if the z value decrease from 2.58 to 1.96 not makes sense that the margin of error increase from 0.045(4.5%) to 0.048(4.8%)

Step-by-step explanation:

Previous concepts

A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".

The margin of error is the range of values below and above the sample statistic in a confidence interval.

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".

Solution to the problem

The population proportion have the following distribution

$p \sim N(p,\sqrt{\frac{\hat p(1-\hat p)}{n}})$

The confidence interval would be given by this formula

$\hat p \pm z_{\alpha/2} \sqrt{\frac{\hat p(1-\hat p)}{n}}$

For the 95% confidence interval the value of $\alpha=1-0.95=0.05$ and $\alpha/2=0.025$ , with that value we can find the quantile required for the interval in the normal standard distribution.

$z_{\alpha/2}=1.96$

For the 99% confidence interval the value of $\alpha=1-0.99=0.01$ and $\alpha/2=0.005$ , with that value we can find the quantile required for the interval in the normal standard distribution.

$z_{\alpha/2}=2.58$

The estimation for the proportion for this case is $\hat p = 0.21$

And we know that the 99% confidence interval is given by:

$0.21 \pm 0.045$

So then the margin of error at 99% of confidence is 0.045, and the margin of error is given by this formula:

$ME= z_{\alpha/2} \sqrt{\frac{\hat p(1-\hat p)}{n}}$

If we decrease the confidence level this margin of error can't be higher than 0.045 so then the correct answer for this case would be:

d. 21% ± 4.8%

Because if the z value decrease from 2.58 to 1.96 not makes sense that the margin of error increase from 0.045(4.5%) to 0.048(4.8%)

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