Find the compound amount of $5700.00 at 11.2% p.a. for seven years compounded
1 answer:
Answer:
11984.18 dollars
Step-by-step explanation:
Given that an amount of 5700 dollars is invested at 11.2% p.a. for seven years compounded.
We have compound interest formula for Principal P for n years at r% compounded annually is
Final amount =
Final amount for 5700 dollars at 11.2% p.a. for 7 years would be
11984.18 dollars.
Answer is 11984.18 dollars
You might be interested in
Let X be the number of burglaries in a week. X follows Poisson distribution with mean of 1.9
We have to find the probability that in a randomly selected week the number of burglaries is at least three.
P(X ≥ 3 ) = P(X =3) + P(X=4) + P(X=5) + ........
= 1 - P(X < 3)
= 1 - [ P(X=2) + P(X=1) + P(X=0)]
The Poisson probability at X=k is given by
P(X=k) =
Using this formula probability of X=2,1,0 with mean = 1.9 is
P(X=2) =
P(X=2) =
P(X=2) = 0.2698
P(X=1) =
P(X=1) =
P(X=1) = 0.2841
P(X=0) =
P(X=0) =
P(X=0) = 0.1495
The probability that at least three will become
P(X ≥ 3 ) = 1 - [ P(X=2) + P(X=1) + P(X=0)]
= 1 - [0.2698 + 0.2841 + 0.1495]
= 1 - 0.7034
P(X ≥ 3 ) = 0.2966
The probability that in a randomly selected week the number of burglaries is at least three is 0.2966
B is the answer I chose but there are the steps so you can see how to solve it
