1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
enot [183]
3 years ago
10

Monique borrows $5000 at 5.5% interest compounded daily for 29 days. How much will she owe at the end of 29 days?

Mathematics
1 answer:
slega [8]3 years ago
7 0

Answer:

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount borrowed

From the information given,

P = 5000

r = 9

5.5% = 5.5/100 = 0.055

Assuming they are 365 days in a year

n = 365 because it was compounded 52 times in a year.

t = 29/365 = 0.0794

Therefore,

A = 5000(1 + 0.055/365)^365 × 0.0794

A = 5000(1 + 0.00015)^29

A = 5000(1.00015)^29

A = $5022

You might be interested in
To help consumers assess the risks they are​ taking, the Food and Drug Administration​ (FDA) publishes the amount of nicotine fo
Blizzard [7]

Answer:

t=\frac{26.8-29.9}{\frac{2.7}{\sqrt{9}}}=-3.44    

df=n-1=9-1=8  

p_v =P(t_{(8)}  

Since the p value is lower than the significance level we have enough evidence to reject the null hypothesis and is not enough evidence to conclude that the claim is true.

Step-by-step explanation:

Data given

\bar X=26.8 represent the sample mean

s=2.7 represent the sample standard deviation

n=9 sample size  

\mu_o =29.9 represent the value that we want to test

\alpha=0.05 represent the significance level for the hypothesis test.  

t would represent the statistic (variable of interest)  

p_v represent the p value for the test (variable of interest)  

System of hypothesis

We need to conduct a hypothesis in order to check if the true mean exceed 29.9 or no, the system of hypothesis would be:  

Null hypothesis:\mu \geq 29.9  

Alternative hypothesis:\mu < 29.9  

The statistic is given by:

t=\frac{\bar X-\mu_o}{\frac{s}{\sqrt{n}}}  (1)  

Calculate the statistic

We can replace in formula (1) the info given like this:  

t=\frac{26.8-29.9}{\frac{2.7}{\sqrt{9}}}=-3.44    

P-value

The degrees of freedom are given by:  

df=n-1=9-1=8  

Since is a one sided test the p value would be:  

p_v =P(t_{(8)}  

Conclusion  

Since the p value is lower than the significance level we have enough evidence to reject the null hypothesis and is not enough evidence to conclude that the claim is true.

6 0
4 years ago
I went crazy over this! I only wrote the equation. Do you think it’s correct? If not, please tell me what’s the equation and how
Alenkinab [10]

Answer:

play fortnite

Step-by-step explanation:

play fortnite

8 0
4 years ago
Which statement describes the term economics?
TiliK225 [7]
C is the right answer
5 0
3 years ago
Read 2 more answers
Which of the following statements are true? Select all that apply.
Softa [21]

The first and second one

7 0
3 years ago
466 people go to see the pirate show. <br> What is this number rounded to the nearest 10?
IrinaK [193]

Answer:

470

Step-by-step explanation:

The units digit ( the last 6) is >= 5 so we add 1 to the tens digit ( which is also 6).

So its 470.

3 0
4 years ago
Read 2 more answers
Other questions:
  • Express 16=2x as a logarithmic equation
    12·1 answer
  • In 1/8 days, a construction crew built 1/4 miles of a road. What is the unit rate in miles per day.
    11·1 answer
  • Can anyone who has the time help me with this question please??
    9·1 answer
  • Use 3.14 for and round your final answer
    12·1 answer
  • How do you write 192.875 as a fraction?
    9·2 answers
  • PLEASE HELP I WILL GIVE YOU BRAINLIST
    13·1 answer
  • What does p equal?pls help me.
    7·1 answer
  • 1. 2x + 4y i don't know the answer
    13·2 answers
  • 10. Alanton is 16 miles from Oakley, 8 miles from
    10·1 answer
  • Melody lives 30 miles due south of her cousin's house and 40 miles due west of her grandparents' house. One
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!