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Charra [1.4K]
3 years ago
15

Sylvia invested 500 in an account compounded annually with an interest rate of 8%. Manuel invested 600 in an account with a comp

ound interest rate of 7.25% . Using the rule of 72, who will double their money first
Mathematics
1 answer:
il63 [147K]3 years ago
8 0

Answer:

Sylvia's investment would double first

Step-by-step explanation:

The number of years it takes for amount invested to double itself using the 72 rule is 72 divided by rate of interest as computed below:

Sylvia investment:

Sylvia's investment would double in 9 years' time  (72/8)

Manuel's investment"

Manuel investment of $600 would double itself in 9.9 years' time (72/7.25)

From the above analysis,Sylvia's investment of $500 at the 8% rate of interest would double first

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The mean of a population is 74 and the standard deviation is 15. The shape of the population is unknown. Determine the probabili
Lena [83]

Answer:

a) 0.0548 = 5.48% probability of a random sample of size 36 yielding a sample mean of 78 or more.

b) 0.9858 = 98.58% probability of a random sample of size 150 yielding a sample mean of between 71 and 77.

c) 0.5793 = 57.93% probability of a random sample of size 219 yielding a sample mean of less than 74.2

Step-by-step explanation:

To solve this question, we need to understand the normal probability distribution and the central limit theorem.

Normal Probability Distribution:

Problems of normal distributions can be solved using the z-score formula.

In a set with mean \mu and standard deviation \sigma, the z-score of a measure X is given by:

Z = \frac{X - \mu}{\sigma}

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.

Central Limit Theorem

The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean \mu and standard deviation \sigma, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean \mu and standard deviation s = \frac{\sigma}{\sqrt{n}}.

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

The mean of a population is 74 and the standard deviation is 15.

This means that \mu = 74, \sigma = 15

Question a:

Sample of 36 means that n = 36, s = \frac{15}{\sqrt{36}} = 2.5

This probability is 1 subtracted by the pvalue of Z when X = 78. So

Z = \frac{X - \mu}{\sigma}

By the Central Limit Theorem

Z = \frac{X - \mu}{s}

Z = \frac{78 - 74}{2.5}

Z = 1.6

Z = 1.6 has a pvalue of 0.9452

1 - 0.9452 = 0.0548

0.0548 = 5.48% probability of a random sample of size 36 yielding a sample mean of 78 or more.

Question b:

Sample of 150 means that n = 150, s = \frac{15}{\sqrt{150}} = 1.2247

This probability is the pvalue of Z when X = 77 subtracted by the pvalue of Z when X = 71. So

X = 77

Z = \frac{X - \mu}{s}

Z = \frac{77 - 74}{1.2274}

Z = 2.45

Z = 2.45 has a pvalue of 0.9929

X = 71

Z = \frac{X - \mu}{s}

Z = \frac{71 - 74}{1.2274}

Z = -2.45

Z = -2.45 has a pvalue of 0.0071

0.9929 - 0.0071 = 0.9858

0.9858 = 98.58% probability of a random sample of size 150 yielding a sample mean of between 71 and 77.

c. A random sample of size 219 yielding a sample mean of less than 74.2

Sample size of 219 means that n = 219, s = \frac{15}{\sqrt{219}} = 1.0136

This probability is the pvalue of Z when X = 74.2. So

Z = \frac{X - \mu}{s}

Z = \frac{74.2 - 74}{1.0136}

Z = 0.2

Z = 0.2 has a pvalue of 0.5793

0.5793 = 57.93% probability of a random sample of size 219 yielding a sample mean of less than 74.2

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3 years ago
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