Ask question

Ask question

All categories

3 years ago

7

Tom opens a bank account and makes an initial deposit of $500. The banker tells Tom that he is going to receive an annual rate o

f 6% on his investment. Find the bank balance assuming Tom leaves the account untouched for 15 years.

2 answers:

IgorLugansk [536]3 years ago

7 0

Answer: $ 1198.28 (approx)

Step-by-step explanation:

Here, the principal amount, P = $ 500

Annual rate of interest, r = 6%

Time, t = 15 years

Thus, the amount in the account, when the initial amount is compounded with the rate of 6% for 15 years,

$A=P(1+\frac{r}{100})^{15}$

$A=500(1+\frac{6}{100})^{15}$

$=500(1+0.06)^{15}$

$=500(1.06)^{15}$

$=500\times 2.3965581931$

$=1198.27909655\approx 1198.28$

Hence, the balance after 15 years in the account = $ 1198.28 (approx)

Debora [2.8K]3 years ago

6 0

A=P(1+r)^t
P=500
r=0.06
t=15
Thus A=500(1.06)^15=1198,279

You might be interested in

Suppose that the walking step lengths of adult males are normally distributed with a mean of 2.5 feet and a standard deviation o

Mumz [18]

Answer:

0% probability that the mean of the sample taken is less than 2.2 feet.

Step-by-step explanation:

To solve this question, we need to understand the normal probability distribution and the central limit theorem.

Normal Probability Distribution:

Problems of normal distributions can be solved using the z-score formula.

In a set with mean $\mu$ and standard deviation $\sigma$ , the z-score of a measure X is given by:

$Z = \frac{X - \mu}{\sigma}$

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.

Central Limit Theorem

The Central Limit Theorem establishes that, for a normally distributed random variable X, with mean $\mu$ and standard deviation $\sigma$ , the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean $\mu$ and standard deviation $s = \frac{\sigma}{\sqrt{n}}$ .

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

Mean of 2.5 feet and a standard deviation of 0.2 feet.

This means that $\mu = 2.5, \sigma = 0.2$

Sample of 41

This means that $n = 41, s = \frac{0.2}{\sqrt{41}}$

Find the probability that the mean of the sample taken is less than 2.2 feet.

This is the p-value of Z when X = 2.2 So

$Z = \frac{X - \mu}{\sigma}$

By the Central Limit Theorem

$Z = \frac{X - \mu}{s}$

$Z = \frac{2.2 - 2.5}{\frac{0.2}{\sqrt{41}}}$

$Z = -9.6$

$Z = -9.6$ has a p-value of 0.

0% probability that the mean of the sample taken is less than 2.2 feet.

6 0

3 years ago

How to solve for the shaded region

k0ka [10]

The shaded region is a triangle. Triangle area can be determined with formula
a = 1/2 × b × h

From the question, we know that the triangle consists of
base = 10 - 6 = 4 m
and the height is the dimension which is perpendicular to the base,
height = 6 m

Find the triangle area
a = 1/2 × b × h
a = 1/2 × 4 × 6
a = 1/2 × 24
a = 12

The area of the shaded region is 12 m²

5 0

3 years ago

The graph below shows the distance traveled by a person biking at a rate of 6

Maru [420]

Answer:

ywhrdfbrug ywey uwsyreuyeuuyjmrqjqqhwthqqjwyeyjueeuywu you yu

7 0

3 years ago

Find the area of the shaded region

nexus9112 [7]

Answer:

40

Step-by-step explanation:

area of shaded region = area of whole figure - area of non shaded region

area of whole figure: The whole figure is a rectangle

The area of a rectangle can simply be calculated by multiplying the width by the length

The given width is 10ft and the given length is 8ft

Hence area of whole figure = 10 * 8 = 80ft²

Area of non shaded region: the non shaded region also creates a rectangle

Like stated previously the area of a rectangle can simply be calculated by multiplying the width by the length

The given width is 5ft and the given length is 8ft

Hence, area of non shaded region = 5 * 8 = 40ft²

Finally we can find the area of the shaded region.

We can easily do this my subtracting the area of the nonshaded region from the area of the whole figure

If we have identified that the area of the whole figure is 80 and the area of the non shaded region is 40

Then, area of shaded region = 80 - 40 = 40ft²

6 0

3 years ago

Find the equation of the line passing<br> through the points (2, 1) and (5, 10).<br> y = [? ]x + [ ]

sladkih [1.3K]

Answer:

$y=3x-5$

Step-by-step explanation:

$m=10-1/5-2$

$m=9/3$

$m=3$

$y=3x+b$

$x=2, y=1$

$1=3(2)+b$

$1=6+b$

$-5=b$

$y=3x-5$

8 0

3 years ago