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satela [25.4K]
3 years ago
13

Three financial institutions, A,B,C, are offering different rates on a loan. Is a offer 3.15 % annual compounded monthly, B offe

rs 2.25% compounded quarterly, C offers 2.05% compounded daily. Determine which of the institutions offers best deal. Explain and make a conclusion.
Mathematics
1 answer:
coldgirl [10]3 years ago
8 0

Answer:

Step-by-step explanation:

Given that interest rates are as follows:

Let P be 100 dollars for each.

A) 3.15% compounded monthly.

Hence amount = 100(1+\frac{3.15}{1200} )^{12}

Final amount = 103.20 dollars

B) 2.25% compounded quarterly

Final amt. = 100(1+\frac{2.25}{400} )^4

=102.27

C) 2.05% compounded daily

Amount = 100(1+\frac{2.05}{36500} )^{365}

=102.07

Obviously A is the best deal.

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Answer:

Mean : 95

Median : 85

Mode : 90

Part B : Impossible

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We can make an equation to find the mean using the first 5 history test scores.

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So a 95 would be needed to have a mean of 85.

Next, the median.

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Since, 80 is the middle value, it will be used in the calculation of the median.

We can make an equation with this.

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So a score a 85 would be needed to have a median of 82.5

Thirdly, the mode.

Since 90 is already in the set once, we can just have Maliah score another 90 to make 90 the mode (with the exception of 75 of course).

Finally, Part B.

We can use the equation we had for the first mean calculation but change 85 to 90.

90=\frac{80+75+90+75+95+n}{6} \\ \\ 90=\frac{415+n}{6} \\ \\ 540=415+n \\ \\ n=125

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