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Tomtit [17]
3 years ago
5

Avery and Caden have saved $27,000 towards a down payment on a house. They want to keep some of the money in a bank account that

pays 2.4% annual interest and the rest in a stock fund that pays 7.2% annual interest. How much should they put into each account so that they earn 6% interest per year?
Mathematics
1 answer:
Thepotemich [5.8K]3 years ago
6 0

Answer:

$6750 in the bank account and $20,250 in the stock fund

Step-by-step explanation:

If B is the money they put in the bank and S is the amount they put in the stock fund, then:

B + S = 27000

1.024 B + 1.072 S = 1.06 × 27000

Solving the system of equations:

1.024 (27000 − S) + 1.072 S = 28620

27648 − 1.024 S + 1.072 S = 28620

0.048 S = 972

S = 20250

B = 27000 − S

B = 6750

They should put $6750 in the bank account and $20,250 in the stock fund.

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Solution: We are given:

\mu=15, \sigma=5

Using the empirical rule, we have:

\mu \pm \sigma covers 68% of data.

Also the percentage of values below mean = Percentage of values above mean = 50%

Now, let's find the z score for x=20

z=\frac{20-15}{5}=1

Therefore, the percentage of values greater than 1 standard deviation above mean 50\% - \frac{68\%}{2} =50\%-34\%=16%

Expected number of students = 16% of 100 = 16


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3 years ago
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Step-by-step explanation:

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