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omeli [17]
4 years ago
8

Holly wants to save money for an emergency. Holly invests 1,500 in an account that pays an interest rate of 6.75%. How many year

s will it take for the account to reach 7300? Round your answer to the nearest hundredth.
Mathematics
2 answers:
Colt1911 [192]4 years ago
6 0
Although the problem didn't mention it, I guess this is a compound interest, if so, then:

A= P(1+i%)ⁿ , where P is the original capital, i% = interest and n= number of years

7300 = 1500(1 + 0.0675)ⁿ

7300/1500 = (1.0675)ⁿ

4.86666 = (1,0675)ⁿ

log(4.86666)= n.log(1.0675)
0.687231 = n(0.028367)

n = 0.687231 / 0.028367

n = 24.23 years

lina2011 [118]4 years ago
4 0
The formula is
A=p (1+r)^t
A future value 7300
P present value 1500
R interest rate 0.0675
T time?
7300=1500 (1+0.0675)^t
Solve for t
Divide both sides by 1500
7300/1500=1.0675^t
Take the log for both sides
Log (7300/1500)=t×log (1.0675)
Divide both sides by log (1.0675)
T=log(7,300÷1,500)÷log(1.0675)
T=24.2 years round your answer to get 24 years

Hope it helps!
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Step-by-step explanation:

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Answer:

The null hypothesis is represented as

H₀: μd = 0

The alternative hypothesis is represented as

H₁: μd < 0, that is, mud less than 0.

Step-by-step explanation:

Correct Question

A researcher wants to show the mean from population 1 is less than the mean from population 2 in​ matched-pairs data. if the observations from sample 1 are xi and the observations from sample 2 are yi​, and di = (xi -yi​), then the null hypothesis is h0​: μd = 0 and the alternative hypothesis is h1​: μd ​___ 0.

Solution

For hypothesis testing, the first thing to define is the null and alternative hypothesis.

In hypothesis testing, especially one comparing two sets of data, the null hypothesis plays the devil's advocate and usually takes the form of the opposite of the theory to be tested. It usually contains the signs =, ≤ and ≥ depending on the directions of the test. It usually maintains that, with random chance responsible for the outcome or results of any experimental study/hypothesis testing, its statement is true.

The alternative hypothesis usually confirms the theory being tested by the experimental setup. It usually contains the signs ≠, < and > depending on the directions of the test. It usually maintains that significant factors other than random chance, affect the outcome or results of the experimental study/hypothesis testing and result in its own statement.

For this question, we are aiming to show that the mean from population 1 (μₓ) is less than the mean from population 2 (μᵧ).

The null hypothesis would be that there isn't significant evidence to suggest that the mean from population 1 (μₓ) is less than the mean from population 2 (μᵧ). That is, the mean from population 1 (μₓ) is not less than the mean from population 2 (μᵧ).

The alternative hypothesis is that there is significant evidence to suggest that mean from population 1 (μₓ) is less than the mean from population 2 (μᵧ).

Mathematically, if μₓ and μᵧ are the means of population 1 and 2 respectively and μd is the mean of the differences between population 1 and population 2, μd = μₓ - μᵧ

The null hypothesis is represented as

H₀: μₓ = μᵧ or μd = 0

The alternative hypothesis is represented as

H₁: μₓ < μᵧ or μd < 0

Hope this Helps!!!

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