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3 years ago

Ernie Rolph deposits $4500 at 2% annual simple interest for 1 year. How much interest will he earn?

Mathematics

1 answer:

vaieri [72.5K]3 years ago

8 0

Answer: the amount of interest that he would earn is $90.

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount of money deposited.

P represents the principal or amount of money deposited.

R represents interest rate on the deposit.

T represents the duration of the deposit in years.

From the information given,

P = $4500

R = 2%

T = 1 year

Therefore,

I = (4500 × 2 × 1)/100

I = $90

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Consider the following hypothesis test: H0: LaTeX: \mu_1-\mu_2=0μ 1 − μ 2 = 0 Ha: LaTeX: \mu_1-\mu_2\ne0μ 1 − μ 2 ≠ 0 The follow

Pavel [41]

Answer:

$z=\frac{104-\bar 106}{\sqrt{\frac{8.4^2}{80}+\frac{7.6^2}{70}}}}=-1.53$

Step-by-step explanation:

Data given and notation

$\bar X_{1}=104$ represent the mean for the sample 1

$\bar X_{2}=106$ represent the mean for the sample 2

$\sigma_{1} =8.4$ represent the population standard deviation for the sample 1

$\sigma_{2}=7.6$ represent the population standard deviation for the sample 2

$n_{1}=80$ sample size for the group 1

$n_{2}=70$ sample size for the group 2

z would represent the statistic (variable of interest)

Concepts and formulas to use

We need to conduct a hypothesis in order to check if the means for the two groups are the same, the system of hypothesis would be:

H0: $\mu_{1}-\mu_{2} =0$

H1: $\mu_{1} -\mu_{2} \neq 0$

If we analyze the size for the samples both are greater than 30 and we know the population deviations so for this case is better apply a z test to compare means, and the statistic is given by:

$z=\frac{\bar X_{1}-\bar X_{2}}{\sqrt{\frac{\sigma^2_{1}}{n_{1}}+\frac{\sigma^2_{2}}{n_{2}}}}$ (1)

z-test: Is used to compare group means. Is one of the most common tests and is used to determine whether the means of two groups are equal to each other.

Calculate the statistic

First we need to calculate the mean and deviation for each sample, after apply the formulas (2) and (3) we got the following results:

And with this we can replace in formula (1) like this:

$z=\frac{104-\bar 106}{\sqrt{\frac{8.4^2}{80}+\frac{7.6^2}{70}}}}=-1.53$

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