enrique earned $101.40 in interest over 6 years in a savings account that pays 1.3 % simple interest per year. how much did Enri
1 answer:
You might be interested in
It will take them approximately 3 months to pay off the balance on the credit card
<h3 /><h3>First Month</h3>To solve this problem, we need to find the interest on 3287.90 at 14.5%
for the first month, we would have
Now we divide this by 12 to give the interest payable on the first month
So we have
We would do the same thing for the second month and it will give us
For the second month, we have $25.71 as the interest payable
We can calculate how much would be left after the second month.
In the third month, since the balance remaining is less than the monthly payment schedule, we can assume they'd pay everything off which is 953.34.
From the calculations above, we can see that it'll take them 3 months to pay off the credit card balance.
The balance at the end of each month are;
- $2,127.63
- $953.34
- $0
Learn more on APR here;
Answer:
So on this case the 95% confidence interval would be given by (38.608;39.392)
Step-by-step explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
represent the sample mean for the sample
population mean (variable of interest)
represent the population standard deviation
n=25 represent the sample size
Solution to the problem
The confidence interval for the mean is given by the following formula:
(1)
The margin of error is given by:
Since the Confidence is 0.95 or 95%, the value of and
, and we can use excel, a calculator or a tabel to find the critical value. The excel command would be: "=-NORM.INV(0.025,0,1)".And we see that
And replacing we got:
Now we have everything in order to replace into formula (1):
So on this case the 95% confidence interval would be given by (38.608;39.392)