Answer:
Lowest score needed=4.92
Step-by-step explanation:
Using the standard normal distribution table we find the value of standard normal deviate corresponding to area of 15%
For area of 15% we have Z= -1.04
Thus we have
Applying values we get
Thus lowest score needed = 4.92
Answer:
Step-by-step explanation:
Answer:
A = $3,926.71
Step-by-step explanation:
Given: Principal (P) = $3200, Annual Rate (R) = 4.1%, Time = 5 years
To find: How much money would he have in the account after 5 years, if he made no deposits or withdrawals during that time?
Formula:
Solution: Compound interest is one of the most important concepts to understand when managing your finances. It can help you earn a higher return on your savings and investments, but it can also work against you when you're paying interest on a loan
First, convert R as a percent to r as a decimal
r = R/100
r = 4.1/100
r = 0.041 rate per year,
Then solve the equation for A
A = P(1 + r/n)
A = 3,200.00(1 + 0.041/12)
A = 3,200.00(1 + 0.003416667)
A = $3,926.71
Hence, Jay would have $3,926.71 after 5 years is if he made no deposits or withdrawals during that time.