The time for this z-score is 3.28.
The formula for z-scores is
z = (X-μ)/σ
Using our information, we have
-1.2 = (X-4.6)/1.1
Multiply both sides by 1.1:
-1.2(1.1) = X - 4.6
-1.32 = X - 4.6
Add 4.6 to both sides:
-1.32 + 4.6 = X - 4.6 + 4.6
3.28 = X
Answer:
Step-by-step explanation:
price after 8 years Amount=P(1-0.18)^8
Amount=16,000(1-0.18)^8
=16,000(0.82)^8
≈3270.63 $
16.22 divided by 2 = your answer. (8.11)
