Find the interest paid on a $50,000 loan with 5.5% simple interest for 7 years.
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Answer:
0.6604
Step-by-step explanation:
Given that a market research firm knows from historical data that telephone surveys have a 36% response rate.
Sample size of random sample = 280
We know for samples randomly drawn of large size sample proportion follows a normal distribution with mean= sample proportin and std error
=
Substitute p = 0.36 and q = 1-0.36= 0.64
p follows N with mean = 0.36 and std dev =
Using normal distribution values we can find\