Find the balance in an account with $7,000 principal earning 5% interest compounded quarterly
1 answer:
Answer:
The balance is
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
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Answer:
19.51% probability that none of them voted in the last election
Step-by-step explanation:
For each American, there are only two possible outcomes. Either they voted in the previous national election, or they did not. The probability of an American voting in the previous election is independent of other Americans. So we use the binomial probability distribution to solve this question.
Binomial probability distribution
The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.
In which is the number of different combinations of x objects from a set of n elements, given by the following formula.
And p is the probability of X happening.
42% of Americans voted in the previous national election.
This means that
Three Americans are randomly selected
This means that
What is the probability that none of them voted in the last election
This is P(X = 0).
19.51% probability that none of them voted in the last election