A credit card had an APR of 11.91% all of last year and compounded interest daily. What was the credit card's effective interest
2 answers:
Solution:- For credit card, there is interest rate for borrowing money from the bank.
and that interest rate is termed as yearly rate which is known as annual percentage rate (APR).
Now for the given question APR of a credit card i= 11.91%
and compounded interest daily so, n=365 days
Now for effective interest rate
=12.38%
So, the effective interest for last interest is 12.38%
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Answer:
We Reject H₀ if t calculated > t tabulated
But in this case,
0.83 is not greater than 2.056
Therefore, we failed to reject H₀
There is no difference between the mean pulse rate of people who do not exercise and the mean pulse rate of people who do exercise.
Step-by-step explanation:
Refer to the attached data.
The Null and Alternate hypothesis is given by
Null hypotheses = H₀: μ₁ = μ₂
Alternate hypotheses = H₁: μ₁ ≠ μ₂
The test statistic is given by
Where is the sample mean of people who do not exercise regularly.
Where is the sample mean of people who do exercise regularly.
Where is the sample standard deviation of people who do not exercise regularly.
Where is the sample standard deviation of people who do exercise regularly.
Where is the sample size of people who do not exercise regularly.
Where is the sample size of people who do exercise regularly.
The given level of significance is
1 - 0.95 = 0.05
The degree of freedom is
df = 16 + 12 - 2 = 26
From the t-table, df = 26 and significance level 0.05,
t = 2.056 (two-tailed)
Conclusion:
We Reject H₀ if t calculated > t tabulated
But in this case,
0.83 is not greater than 2.056
Therefore, We failed to reject H₀
There is no difference between the mean pulse rate of people who do not exercise and the mean pulse rate of people who do exercise.
