$1000 invested with compound interest at a rate of 15% per year for 9 years. Formula: M = P(1+ i)n Group of answer choices $3517
1 answer:
Answer:
Option A.
Step-by-step explanation:
Note: Let as consider, we have to find the total amount after 9 years.
It is given that,
Principal amount = $1000
Rate of compound (yearly) interest = 15% = 0.15
Time = 9 year
The formula for total amount is
where, P is principal, i is rate of interest and n is number of years.
Substituting P=1000, i=0.15 and n=9, we get
So, the total amount after 9 years is $3517.88.
Therefore, the correct option is A.
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Answer:
Step-by-step explanation:
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
In order to find the critical value we need to take in count that we are finding the critical value for the population mean and without the standard deviation, so on this case we need to use the t distribution. Since our interval is at 95% of confidence, our significance level would be given by and
. We need to calculate the degrees of freedom are given by:
We can find the critical value using the following excel codes:
"=T.INV(0.025;38)" or "T.INV(1-0.025;38)"
And the critical values would be given by: