Answer: he would have $13134 at the end of 10 years
Step-by-step explanation:
The formula for continuously compounded interest is
A = P x e (r x t)
Where
A represents the future value of the investment after t years.
P represents the present value or initial amount invested
r represents the interest rate
t represents the time in years for which the investment was made.
e is the mathematical constant approximated as 2.7183.
From the information given,
P = $9000
r = 3.79% = 3.78/100 = 0.0378
t = 10 years
Therefore,
A = 9000 x 2.7183^(0.0378 x 10)
A = 9000 x 2.7183^(0.378)
A = $13134 to the nearest dollar
Answer:
The probability distribution of the number of customers that enter the store on a given day is:
Step-by-step explanation:
To calculate a parameter for the given day, we have to calculate what is the average arrival rate for the day.
This can be done with the data given:
1) From 10 to 12, 8 arrival/hour: 16 expected arrivals in this period
2) From 12 to 2, 8 to 12 arrival/hour (average: 10 arrivals): 20 expected arrivals in this period.
3) From 2 to 5, from 10 to 4 arrival/hour (average: 7 arrivals): 21 expected arrivals in this period.
The total expected arrivals in a day are: 16+20+21=57 arrivals/day.
Then, the probability distribution of the number of customers that enter the store on a given day is:
R = (2s - 6t + 5)/2
2R = 2s - 6t + 5
2s = 2R + 6t - 5
s = (2R + 6t - 5)/2
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