If the interest rate on a savings account is 0.02%, approximately how much money do you need to keep in this account for 1 year
2 answers:
At first glance, this problem might be overwhelming so try approaching it slowly by doing these steps:
Step 1: Start by understanding what the problem is really asking.
You might notice that the problem is just a percentage problem, with a twist! If you still don't see it, the problem is just asking what the base should be given a percentage and the amount.
Step 2: Recall the concepts relevant to the question.
We can identify a single formula that will be important in getting the answer:
Step 3: Apply the concept to the context of the problem.
You'll see that we already have the percent from the interest rate which is 0.02% and the amount from the below-minimum-balance fee which is $9.99.
There goes the little twist: you have to manipulate the equation to get the base. Dividing both sides of the equation by the percent we'll have:
Step 4: Evaluate to get the answer to the problem.
We simply substitute the given numbers and evaluate.
Answer: You need $49,950 in the account to cover the Below-Minimum-Balance Fee from your interest.
Step 1: Start by understanding what the problem is really asking.
You might notice that the problem is just a percentage problem, with a twist! If you still don't see it, the problem is just asking what the base should be given a percentage and the amount.
Step 2: Recall the concepts relevant to the question.
We can identify a single formula that will be important in getting the answer:
Step 3: Apply the concept to the context of the problem.
You'll see that we already have the percent from the interest rate which is 0.02% and the amount from the below-minimum-balance fee which is $9.99.
There goes the little twist: you have to manipulate the equation to get the base. Dividing both sides of the equation by the percent we'll have:
Step 4: Evaluate to get the answer to the problem.
We simply substitute the given numbers and evaluate.
Answer: You need $49,950 in the account to cover the Below-Minimum-Balance Fee from your interest.
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Answer:
First option:
Second option:
Fourth option:
Step-by-step explanation:
Rewrite each equation in the form and then use the Discriminant formula for each equation. This is:
1) For :
Then:
Since this equation has no real solutions, but has two complex solutions.
2) For :
Then:
Since this equation has no real solutions, but has two complex solutions.
3) For :
Then:
Since this equation has one real solution.
4) For :
Then:
Since , this equation has no real solutions, but has two complex solutions.
Using z-scores, it is found that the value of z is z = 1.96.
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Normal Probability Distribution
Problems of normal distributions can be solved using the z-score formula, which for a measure X, in a distribution with mean and standard deviation
, is given by:
- It measures how many standard deviations the measure is from the mean.
- Each z-score has an associated p-value, which is the percentile.
- The normal distribution is symmetric, which means that the middle 95% is between the <u>2.5th percentile and the 97.5th percentile</u>.
- The 2.5th percentile is Z with a p-value of 0.025, thus Z = -1.96.
- The 97.5th percentile is Z with a p-value of 0.975, thus Z = 1.96.
- Thus, the value of Z is 1.96.
A similar problem is given at brainly.com/question/16965597