Find the balance in an account with $7,000 principal earning 5% interest compounded quarterly

Mathematics

1 answer:

nadya68 [22]3 years ago

3 0

Answer:

The balance is $\$11,505.34$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

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

$t=10\ years\\ P=\$7,000\\ r=0.05\\n=4$

substitute in the formula above

$A=\$7,000(1+\frac{0.05}{4})^{4*10}=\$11,505.34$

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8.23 A manufacturing company produces electric insulators. You define the variable of interest as the strength of the insulators

Kitty [74]

Answer:

The 95% confidence interval estimate for the population mean force is (1691, 1755).

Step-by-step explanation:

According to the Central Limit Theorem if we have an unknown population with mean μ and standard deviation σ and appropriately huge random samples (n > 30) are selected from the population with replacement, then the distribution of the sample mean will be approximately normally.

The sample selected here is <em>n</em> = 30.

Thus, the sampling distribution of the sample mean will be normal.

Compute the sample mean and standard deviation as follows:

$\bar x=\frac{1}{n}\sum x=\frac{1}{30}\times 51702=1723.4\\\\s=\sqrt{\frac{1}{n-1}\sum (x-\bar x)^{2}}=\sqrt{\frac{1}{30-1}\times 232561.2}=89.55$