The total daily sales, S, in the deli section of a supermarket is the sum of the purchases made by customers on a given day. (a)
What kind of probability distribution do you expect the total daily sales to have? Explain. (b) For this particular market, the average sale per customer in the deli section is $8.50 with sigma=$2.50. If 30 customers make deli purchases on a given day, give the mean and standard deviation of the probability distribution of the total daily sales, x.
1 answer:
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Answer:
3.045%.
Step-by-step explanation:
We are asked to find the corresponding effective interest rate for 3% per year compounded continuously.
We will use effective interest formula to solve our given problem.
, where,
r = Effective interest rate,
e = Mathematical constant,
r = Interest rate in decimal form.
Let us convert given interest rate in decimal form.
Substitute values:
Convert into percentage:
Therefore, the corresponding interest rate would be 3.045%.