Rob invests $3,715 in a retirement account
1 answer:
Answer:
$14,048.62
Step-by-step explanation:
The interest is 9% per year and compounded 3 times a year, so each compound will be 9%/3 = 3%
The time elapsed will be 15 years and the interest compounded 3 times a year, so the number of compounds happens will be = 15 years* 3 compounds/year= 45x compound.
So basically the money will get 3% interest 45 times. To put into the compounding interest formula, the final account balance will be:
A = P (1 + [ r / n ]) ^ nt
A= amount of the balance after a period of t
P= principal, the initial money deposit( $3,715)
r= rate(9%)
n= number of compound per unit of time(3 times per year)
t= time(15 years)
The calculation will be:
A = P (1 + [ r / n ]) ^ nt
A =
A = $14,048.62
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Answer:
Step-by-step explanation:
Given that in a recent poll 1 of 1000 American adults, the number saying that exercise is an important part of daily life was 753.
Sample proportion =
To find 90% confidence interval we must find std error of proportion first
As per central limit theorem, sample proportion will follow a normal distribution with mean = 0.753
Std error of proportion=
90% Z critical value = 1.645
Margin of error = 1.645*0.01363 = 0.0224
Confidence interval lower bound = 0.753-0.0224=0.731
Upper bound = 0.775