$12,000 for six years at an interest rate of 1.25% what is the maturity value of the loan
1 answer:
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Answer:
Step-by-step explanation:
For this case we want to find this probability:
Because they want the area to the left of the value. We need to remember that the normal standard distribution have a mean of 0 and a deviation of 1.
We can use the following excel code: =NORM.DIST(-1.55,0,1,TRUE)
And we got:
The other possibility is use the normal standard table and we got a similar result.
