How much principal must be deposited in a 5 year simple interest account that pays 4,75% interest to earn $500 in interest

Mathematics

1 answer:

allsm [11]2 years ago

8 0

Answer: $2105.26

Step-by-step explanation:

<u>Concept:</u>

The formula to find simple interest is I=Prt

<u>Given:</u>

t=5 year

r=4.75%

I=$500

<u>Solve:</u>

I=Prt

500=P(4.75%)(5)

100=P(4.75%)

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Answer:

Following are the solution to the given choices:

Step-by-step explanation:

Using chebyshev's theorem :

$\to P(|(x-\mu)|\leq k \sigma)\geq 1- \frac{1}{k^2}\\\\here \\ \to \mu=28.75\\\\ \to \sigma=4.44$

In point a)

$\to |(x-\mu)|= |20.17-28.75|=8.58 and \sigma=4.44 \\\\so, \\k= \frac{ |(x-\mu)| }{\sigma}$

$= \frac{8.58}{4.44} \\\\ =1.9 \\\\ =2$

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In point b)

$\to (1- \frac{1}{k^2}) \times 100 \% =84\% \\\\\to (1- \frac{1}{k^2})=0.84 \\\\\to \frac{1}{k^2} =0.16 \\\\\to \frac{1}{k}=0.4\\\\ \to k=2.5 \\\\\to |(x-\mu)| \leq k \sigma \\\\= |(x-\mu)|\leq 2.5 \times 4.44 \\\\ = |(x-\mu)|\leq 1.11 \\\\ = (28.75\pm 11.1) \\\\\to \text{fares lies between}(17.65,39.85)$