$250 is invested at a bank that pays 7% simple interest. calculate the amount of money in the account after 1 year, 3 years, 7 y
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Answer:
And using a calculator, excel or the normal standard table we have that:
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
Let X the random variable that represent the weigths of a population, and for this case we know the distribution for X is given by:
Where and
Since the distribution for X is normal then we know that the distribution for the sample mean is given by:
We can find the probability required with the following z score formula:
And replacing we got:
And using a calculator, excel or the normal standard table we have that: