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3 years ago

13

Kelly's parents plan to put money into an account and leave it there for 16 years before she goes to college. If they put $1000

into an account that earns 3.75% interest how much will be in Kelly's account when it is time for her to go to college?

1 answer:

babymother [125]3 years ago

3 0

$z = k \times (1 + \frac{p}{100} ) {}^{n}$
in this case

$z = 1000 \times (1 + \frac{3.75}{100} ) {}^{16} \\ \\ = 1802.23$

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Answer:

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Step-by-step explanation:

Given

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See attachment for the formatted data

Solving (a): The mean

This is calculated as:

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So, we have:

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Solving (b): The standard deviation

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$70.69 * \sqrt{\frac{19}{32.852}$ to $70.69 * \sqrt{\frac{19}{8.907}$

$53.76$ to $103.25$

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