Malaya thinks of two different plans she could use to save money in a bank account. The tables show the account balances for eac
h plan.
If the pattern for each plan stays the same, and Malaya neither earns interest nor withdraws any of the money from the account, how would the balances of the plans compare after a long time?
PLEASE HELP ME ASAP
If the pattern for each plan stays the same, and Malaya neither earns interest nor withdraws any of the money from the account, how would the balances of the plans compare after a long time?
PLEASE HELP ME ASAP
1 answer:
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Answer:
a) P(-z_0.025 < Z < z_0.025)
For this case we want a quantile that accumulates 0.025 of the area on the tails of the normal standard distribution, and for this case we can calculate the z value with the following excel codes:
"=NORM.INV(0.025,0,1)"
"=NORM.INV(0.025,0,1)"
And for this case the two values are :
b) P(-z_{\alpha/2} < Z < z_{\alpha/2})
For this case we want a quantile that accumulates of the area on the tails of the normal standard distribution, and for this case we can calculate the z value with the following excel codes:
"=NORM.INV(alpha/2,0,1)"
"=NORM.INV(alpha/2,0,1)"
c) For this case we want to find a value of z that satisfy:
P(Z > z_alpha) = 0.05.
And we can use the following excel code:
"=NORM.INV(0.95,0,1)"
And we got
Step-by-step explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Solution to the problem
Part a
P(-z_0.025 < Z < z_0.025)
For this case we want a quantile that accumulates 0.025 of the area on the tails of the normal standard distribution, and for this case we can calculate the z value with the following excel codes:
"=NORM.INV(0.025,0,1)"
"=NORM.INV(0.025,0,1)"
And for this case the two values are :
Part b
P(-z_{\alpha/2} < Z < z_{\alpha/2})
For this case we want a quantile that accumulates of the area on the tails of the normal standard distribution, and for this case we can calculate the z value with the following excel codes:
"=NORM.INV(alpha/2,0,1)"
"=NORM.INV(alpha/2,0,1)"
Part c
For this case we want to find a value of z that satisfy:
P(Z > z_alpha) = 0.05.
And we can use the following excel code:
"=NORM.INV(0.95,0,1)"
And we got