According to CollegeBoard.org:
<u>Answer</u>: "To estimate the probability of observing a value as extreme as pˆ given p."
<u>Explanation</u>: "The test statistic for a one-sample z-test is the distance, in units of standard deviations, between the statistic and the given parameter. From that distance, probabilities (a p-value) can be calculated and a claim can be assessed."
Let's pose this question a different way: what are the chances that one out of all possible events is going to happen? What are the chances that, if I roll a die, I will roll a 1, 2, 3, 4, 5, or a 6? What is the probability, if I flip a coin, that the outcome will either be heads or tails? When we take every possible outcome and add their probabilities together, the sum of the probabilities will be 100%, or 1.
Example:
Coin Toss:
Prob of Heads (.5) plus Prob of Tails (.5) = 1
Dice roll:
1/6 (odds of rolling any given number) times 6 (number of possibilities) = 1
Answer:
the interest earned= 93.401
and the future value of an annuity= 493.401
Step-by-step explanation:
Given Data:
Interest rate= 7%
time,t = 3 years
weekly payment, P= 400
At the end of 3 years, final investment A= ?
n= 52 as it is weekly
As per the interest formula
A= P(1+r/n)^nt
Putting value in above equation
= 
= 493.401
Interest earned = A-P
= 493.401-400
= 93.401 !
