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3 years ago

Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.

Mathematics

1 answer:

OLEGan [10]3 years ago

4 0

Answer:

Base amount: $2,410.00

Interest Rate: 12% (yearly)

Effective Annual Rate: 12.68%

Calculation period: 3 years

$3,448.15

Step-by-step explanation:

The generic formula used in this compound interest calculator is

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

V = the future value of the investment

P = the principal investment amount

r = the annual interest rate

n = the number of times that interest is compounded per year

t = the number of years the money is invested for

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3 years ago

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And we can find the individual probabilities using the probability mass function

$P(X=7)=(8C7)(0.9)^7 (1-0.9)^{8-7}=0.3826$

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Step-by-step explanation:

Previous concepts

The binomial distribution is a "DISCRETE probability distribution that summarizes the probability that a value will take one of two independent values under a given set of parameters. The assumptions for the binomial distribution are that there is only one outcome for each trial, each trial has the same probability of success, and each trial is mutually exclusive, or independent of each other".

Solution to the problem

Let X the random variable of interest "number of automobiles with both headligths working", on this case we now that:

$X \sim Binom(n=8, p=0.9)$