Erica invests $10,000 at 5% interest compounded annually.
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Answer:
Step-by-step explanation:
Z-score:
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 question:
You listen to the radio station for 1 hour, at a randomly selected time, and carefully observe that the amount of advertising time is equal to 17 minutes. Calculate the z-score for this amount of advertising time.
We have to find Z when X = 17. So