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nekit [7.7K]
3 years ago
7

A credit card company calculates its minimum monthly payment as 4% of the credit card balance or $30, whichever is greater. If E

mile Fritz has a credit balance of $385.48, what is his minimum monthly payment (in dollars)?
Mathematics
1 answer:
kipiarov [429]3 years ago
6 0

Answer:

$30

Step-by-step explanation:

4% of 385.48

= 0.04(385.48)

= 15.4192

30 is greater the 15.4192,

Monthly payment would be $30

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Answer:

a) The 95% confidence interval for the income of store managers in the retail industry is ($44,846, $45,994), having a margin of error of $574.

b) The interval mean that we are 95% sure that the true mean income of all store managers in the retail industry is between $44,846 and $45,994.

Step-by-step explanation:

Question a:

We have to find our \alpha level, that is the subtraction of 1 by the confidence interval divided by 2. So:

\alpha = \frac{1 - 0.95}{2} = 0.025

Now, we have to find z in the Z-table as such z has a p-value of 1 - \alpha.

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Now, find the margin of error M as such

M = z\frac{\sigma}{\sqrt{n}}

In which \sigma is the standard deviation of the population and n is the size of the sample.

M = 1.96\frac{2050}{\sqrt{49}} = 574

The lower end of the interval is the sample mean subtracted by M. So it is 45420 - 574 = $44,846.

The upper end of the interval is the sample mean added to M. So it is 45420 + 574 = $45,994.

The 95% confidence interval for the income of store managers in the retail industry is ($44,846, $45,994), having a margin of error of $574.

Question b:

The interval mean that we are 95% sure that the true mean income of all store managers in the retail industry is between $44,846 and $45,994.

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