Answer:
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Step-by-step explanation:
Answer:$6451.6 should be deposited.
Step-by-step explanation:
The principal was compounded monthly. This means that it was compounded 12 times in a year. So
n = 12
The rate at which the principal was compounded is 7.2%. So
r = 7.2/100 = 0.072
It was compounded for 3 years. So
t = 3
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount in the account at the end of t years. A is given as $8000 Therefore,
8000 = P (1+0.072/12)^12×3
8000 = P(1+0.006)^36
8000 = P(1.006)^36
P = 8000/1.24
P = $6451.6
Answer:n=95
Step-by-step explanation:
Answer:
7
Step-by-step explanation:
Answer:
z-score for 900 points = -4
Step-by-step explanation:
To find the z scores
z=(x-mean)/standard deviation
so
z=(900-1500)/150
z= -600/150
