A letter that represents an unknown number is
2 answers:
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Solution
For this case we can use the following formula:
Where:
P= 400800 = present value
A= future value
r= 0.055 interest rate
n= 4, number of times that the interest is compund in a year (quarterly)
t= 4 years
Replacing we got:
then the interest would be:
Answer:
a. 0.1576<p<0.2310
b. The two restaurants likely have similar order rates which are inaccurate.
Step-by-step explanation:
a. We first calculate the proportion, :
-We use the z-value alongside the proportion to calculate the margin of error:
The confidence interval at 90% is then calculated as:
Hence, the confidence interval at 90% is [0.1576,0.2310]
b. From a above, the calculated confidence interval is 0.1576<p<0.2310
-We compare the calculated CI to the stated CI of 0.147<p<0.206
-The two confidence intervals overlap each other and have the same value for 0.1576<p<0.206
-Hence, we conclude that the two restaurants likely have similar order rates which are inaccurate.