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Answer:
31 years to triple the investment
Step-by-step explanation:
Initial investment = 300
Triple amount that is final amount = 300*3= 900
rate of interest = 3.5 % = 0.035
we need to find out number of years (t)
for compounded continuously we use formula
A is the final amount
P is the initial amount
r is the rate of interest
t is the number of years
Divide both sides by 300
take 'ln' on both sides
ln(3) = 0.035t ln(e)
ln(e)= 1
t= 31.3889
Round to nearest whole number
t= 31 years
Answer:
a.The advertising campaigns increased the average daily sales.
Step-by-step explanation:
This is a hypothesis test for the population mean.
The claim is that the advertising campaigns increased the average daily sales.
Then, the null and alternative hypothesis are:
The significance level is 0.05.
The sample has a size n=100.
The sample mean is M=7280.
The standard deviation of the population is known and has a value of σ=1000.
We can calculate the standard error as:
Then, we can calculate the z-statistic as:
This test is a right-tailed test, so the P-value for this test is calculated as:
As the P-value (0.0026) is smaller than the significance level (0.05), the effect is significant.
The null hypothesis is rejected.
There is enough evidence to support the claim that the advertising campaigns increased the average daily sales.