A sample of 1100 computer chips revealed that 58% of the chips fail in the first 1000 hours of their use. The company's promotio
nal literature claimed that 61% fail in the first 1000 hours of their use. Is there sufficient evidence at the 0.05 level to dispute the company's claim? State the null and alternative hypotheses for the above scenario.
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compound interest equation for annually compounded
A=final amount
P=principal
r=rate in decimal
t=time in years
given that
A=1550
P=1000
r=5.5%=0.055
find t
divide both sides by 1000
take ln of both sides
use ln rule
divide both sides by ln(1.055)
using a calculator, we get that t=8.18544 yrs
so about 8.2yrs