£2200 is deposited in a bank paying 0.5% simple interest per annum. How much interest will have been paid after 18 years?
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Answer:
The mean is
Step-by-step explanation:
Problems of normally distributed samples are solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
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 pvalue, we get the probability that the value of the measure is greater than X.
In this problem, we have that:
What is the mean of this normal distribution if the probability of scoring above x = 209 is 0.0228?
This means that when X = 209, Z has a pvalue of 1-0.0228 = 0.9772. So when X = 209, Z = 2.
The mean is