Between 1998 and 2018, inflation for prices of goods and services has been about 51%. Suppose a salon charged $18 for a basic ha
ircut in 1998 and has been raising prices by a steady percentage each year to keep up with inflation.
1 answer:
Answer: $22.12
Step-by-step explanation:
I just did the compound interest formula which is
starting amount * (1. interst rate) ^ number of years
example if you have 100$ and you want to know how much it is worth if it appretiates by 7% of a period of 20 years it would look something like this;
100 * (1.10) ^20 = 672.74$
but since you have to figure out what it was in 2008 which was exactly half way in the period you divide the exponent by half so your formula should be;
I know the answer is right because I asked my teacher and it's correct.
REAL EXAMPLE: 18 * (1.51) ^.5 = 22.12$
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Answer:
And we can use the z scoe formula given by:
And if we find the z score for the limits we got:
And this probability is equivalent to:
Step-by-step explanation:
For this case we can define the random variable X as "number of miles between services" and we know the following info given:
The central limit theorem states that "if we have a population with mean μ and standard deviation σ and take sufficiently large random samples from the population with replacement, then the distribution of the sample means will be approximately normally distributed. This will hold true regardless of whether the source population is normal or skewed, provided the sample size is sufficiently large".
From the central limit theorem we know that the distribution for the sample mean is given by:
We select a random sample size of n =44. And we want to find this probability:
And we can use the z scoe formula given by:
And if we find the z score for the limits we got:
And this probability is equivalent to: