You invest $500 into a savings account that compounds interest quarterly at a rate of 2%. What will be your account balance afte
r 8 years?
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Answer:
Step-by-step explanation:
For this case we can define the random variable of interest as: "The nicotine content in a single cigarette " and for this case we know the following parameters:
And for this case we select a sample size of n =100 and we want to find the following probability:
And for this case we can use the z score formula given by:
And replacing we got:
And we can find the required probability with the normal standard table and we got: