If the simple interest on $6,000 for 4 years is $1,920, then what is the interest rate?
1 answer:
You might be interested in
Answer:
0.008±0.0095=(-0.0015,0.0175)
Step-by-step explanation:
In this case we must use the formula to calculate the confidence interval for the difference between two proportions given by inferential statistics. The formula to calculate both limits of the interval is as it follows:
Where:
: proportion of population one (in our case: Oregon residents who reported insufficient rest or sleep)
: proportion of population two (in our case: California residents who reported insufficient rest or sleep)
: quantile of the normal distribution with α/2 probability (in our case, from the standard normal table we have 1.96 for a confidence level of 95%)
: sample size for population one (in our case, sample of Oregon residents)
: sample size for population two (in our case, sample of California residents)
Now, with our data we have:
=0.088
=0.08
=1.96
=4,691
=11,545
Therefore, we obtain:
Finally, the result for our interval:
0.008+0.0095=(-0.0015,0.0175)
According to the result we can say with a 95% confidence, that the proportion of Oregon residents with sleep deprivation issues is the same as the proportion of California residents. The reason for this is that 0 (zero) is contained within the interval.