Jose received $250 for his birthday from his family. He wishes to buy a motorcycle and decides to use his birthday money towards
1 answer:
Answer:
He will have $276.10 available towards the down payment for his motorcycle
Step-by-step explanation:
The compound interest formula is given by:
Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.
In this problem, we have that:
Compounded quarterly, so n = 12/4 = 3.
We have to find A.
He will have $276.10 available towards the down payment for his motorcycle
You might be interested in
Given Information:
Mean weekly salary = μ = $490
Standard deviation of weekly salary = σ = $45
Required Information:
P(X > $525) = ?
Answer:
P(X > $525) = 21.77%
Step-by-step explanation:
We want to find out the probability that a randomly selected teacher earns more than $525 a week.
The z-score corresponding to 0.78 from the z-table is 0.7823
Therefore, there is 21.77% probability that a randomly selected teacher earns more than $525 a week.
How to use z-table?
Step 1:
In the z-table, find the two-digit number on the left side corresponding to your z-score. (e.g 0.7, 2.2, 1.5 etc.)
Step 2:
Then look up at the top of z-table to find the remaining decimal point in the range of 0.00 to 0.09. (e.g. if you are looking for 0.78 then go for 0.08 column)
Step 3:
Finally, find the corresponding probability from the z-table at the intersection of step 1 and step 2.