chelsea deposits $600 into a bank account and is earning simple interest.After 4 years her account has a balance of $621.60.If C helsea decides to put $1100 into the bank account instead of $600 how much would she have in her account after 7 years?
1 answer:
If she deposited $600 and had $621.60 after four years, then she earned: $621.60 - $600 = $21.60 in four years. It means in one year she earned $21.60 ÷ 4 = $5.40. Now we have to find out how many percent of $600 is $5.40: $5.40 = x% from $600 5.4 = x/100 * 600 5.4 = 600x/100 / * 100 (both sides) 540 = 600x / ÷ 600 (both sides) x = 0.9 So the interest rate was 0.9% annually. Now we have to find out how much is 0.9% from $1100: $1100 * 0.9% = = 1100 * 9/1009 = = 9900/1000 = = 9.9 It means in one year she would earn $9.90. After 7 years she would earn $9.90 * 7 = $69.30, so she would have in her account: $1100 + $69.30 = <u>$1169.30</u>
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Test statistic = - 2.29
Pvalue = 0.0110
Step-by-step explanation:
The hypothesis :
H0 : p = 0.3
H1 : p < 0.3
Test statistic :
z=pˆ−p/√p(1−p)/n
pˆ = 0.2
Z = (0.20 - 0.30) / √(0.30(1 - 0.30) / 110
Z = - 0.1 / √0.0019090
Z = - 0.1 / 0.0436931
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Test statistic = -2.29
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P(Z < -2.29) = 0.0110
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13.5 feet
Step-by-step explanation:
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