You deposit 1200 in an account. the annual interest is 3 percent. how long will it take you to earn 108 in simple interest
2 answers:
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Answer:
88.88% probability that it endures for less than a year and a half
Step-by-step explanation:
Problems of normally distributed samples can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this question, we have that:
The next career begins on Monday; what is the likelihood that it endures for less than a year and a half?
One year has 52.14 weeks. So a year and a half has 1.5*52.14 = 78.21 weeks.
So this probability is the pvalue of Z when X = 78.21.
has a pvalue of 0.8888
88.88% probability that it endures for less than a year and a half