Find the z-score such that the area under the standard normal curve to the left is 0.79.

Mathematics

1 answer:

Varvara68 [4.7K]3 years ago

8 0

Answer:

Step-by-step explanation:

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Paul Havlik promised his grandson Jamie that he would give him $7,100 7 years from today for graduating from high school. Assume

Dominik [7]

Answer:

$\large \boxed{\$4100.07}$

Step-by-step explanation:

The formula for the future value (FV) of an investment earning compound interest is

$FV = PV \left (1 + \frac{r}{n} \right )^{nt}$

where

PV = the present value (PV) of the money invested

r = the annual interest rate expressed as a decimal fraction

t = the time in years

n = the number of compounding periods per year

Data:

FV = $7100

r = 8 % = 0.08

t = 7 yr

n = 2

Calculation:

$\begin{array}{rcl}\\7100& =& PV \left (1 + \dfrac{0.08}{2} \right )^{2 \times 7}\\\\& =& PV (1 + 0.04)^{14}\\\\& =&PV (1.04)^{14}\\& =& PV(1.731676)\\PV& =& \dfrac{7100}{1.731676}\\\\& =& \mathbf{4100.07}\\\end{array}\\\text{The present value of the money is $\large \boxed{\mathbf{\$4100.07}}$}$