you have $350 in your savings account the account pays an interest rate of 2% how much will you earn in interest this year
1 answer:
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Answer:
25.10% probability that the spending is between 46 and 49.56 dollars
Step-by-step explanation:
Problems of normally distributed samples are solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this problem, we have that:
What is the probability that the spending is between 46 and 49.56 dollars?
This is the pvalue of Z when X = 49.56 subtracted by the pvalue of Z when X = 46. So
X = 49.56
has a pvalue of 0.6331
X = 46
has a pvalue of 0.3821
0.6331 - 0.3821 = 0.2510
25.10% probability that the spending is between 46 and 49.56 dollars