If $14,000 invested at 12% annually simple interest how long does it take to be worth 45,920
2 answers:
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Answer:
(a) 7.6%
(b) 46.2% 42.4%
Step-by-step explanation:
(a)According to the definition of Continuous probability distribution
⇒ 0.19 × 0.4 = F(69.2) - F(68.8)
⇒ F(69.2) - F(68.8) = 0.076
⇒ 7.6%
(b) Given F(69) = 0.5
⇒ 0.19 × 0.2 = F(69) - F(68.8)
⇒ F(68.8) = 0.5 - 0.038 = 0.462
⇒ 46.2%
⇒ 0.19 × 0.4 = F(69) - F(68.8)
⇒ F(68.8) = 0.5 - 0.076 = 0.424
⇒ 42.4%