Answer:
10
Step-by-step explanation:
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Answer: the value of the account after 6 years is $101559.96
Step-by-step explanation:
If $64,000 is invested in an IRA account, then
Principal = $64,000
So P = 64,000
The rate at which $64000 was compounded is 8%
So r = 8/100 = 0.08
If it is compounded once in a year, this means that it is compounded annually (and not semi annually, quarterly or others). So
n = 1
We want to determine the value of the account after 6 years, this means
time, t = 6
Applying the compound interest formula,
A = P(1 + r/n)^nt
A = amount after n number of years
A = 64000( 1 + 0.08/1)^1×6
A = 64000(1.08)^6
A= 64000×1.58687432294
A= 101559.956668416
Approximately $101559.96 to 2 decimal places
Answer:
71.02
Step-by-step explanation:
For a six percent increase on 67, you first need to find six percent of 67.
67 times .06 is 4.02
67+4.02=71.02
Answer:
Step-by-step explanation:
Null hypothesis: u <= 3 minutes
Alternative hypothesis: u > 3minutes
Using a z test formula, z score is
z = (x - u) / (s/√n)
Where x = 3.1, u = 3, s = 0.5, n = 100
z = (3.1 - 3) / (0.5/√100)
z = (0.1) / (0.5/10)
z = 0.1/0.05
z = 2
To calculate for the p value assuming a 0.05 level of significance, the p value is 0.02275 which is less than 0.05. Thus we will reject the null and conclude that there is enough statistics evidence to show that the mean waiting time of all customers is significantly more than 3 minutes.
