How long will it take for a $3000 savings account to double its value at a simple interest rate of 10%?

1 answer:

7 0

Given P=$3000
R=10%
And double of P means A=$6000
Now , we know that
A = P×R×t÷100
6000=3000×10×t÷100
6000×100÷30000 =t
20=t
The Answer is 20 Yrs if rate was for year

You might be interested in

*!HELP!* Mark wants to order a pizza. Drag and drop the correct number or phrase into each box to complete the explanation for w

fredd [130]

Answer:

A. 0.08 B. 0.09 and C. 12-inch hopefully im right

8 0

1 year ago

In a randomly selected sample of 100 students at a University, 81 of them had access to a computer at home. Give the value of th

astra-53 [7]

Answer:

The value of the standard error for the point estimate is of 0.0392.

Step-by-step explanation:

Central Limit Theorem

The Central Limit Theorem establishes that, for a normally distributed random variable X, with mean $\mu$ and standard deviation $\sigma$ , the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean $\mu$ and standard deviation $s = \frac{\sigma}{\sqrt{n}}$ .

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

For a proportion p in a sample of size n, the sampling distribution of the sample proportion will be approximately normal with mean $\mu = p$ and standard deviation $s = \sqrt{\frac{p(1-p)}{n}}$