7/8 - 1/4= Explain how you got your answer
2 answers:
You might be interested in
Answer: The answer is $2.77.
Step-by-step explanation: Given that we have to pay the loan of $1300 at interest rate of 7.5% in 6 months. According to the table,
Amount for interest in payment 1 = $8.13,
Amount of interest in payment 2 = $6.79
and
Amount of interest in payment 3 = $5.45.
We can see here that the difference in the amounts to be paid in consecutive months will be same, i.e., the payments will form an arithmetic progression (A.P.).
The common difference = 8.13-6.79=6.79-5.45=1.34.
Therefore, amount of interest in payment 4 = $(5.45-1.34) = $4.11
and amount of interest in payment 5 = $(4.11-1.34) = $2.77.
Please see the attached modified table.
Thus, the answer is $2.77.
Answer:
For a mean oil change time of 20.51 minutes there would be a 10% chance of being at or below
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 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.
Central Limit Theorem
The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation
, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean
and standard deviation
.
For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.
In this problem, we have that:
Treating this as a random sample, at what mean oil-change time would there be a 10% chance of being at or below?
This is the 10th percentile, which is X when Z has a pvalue of 0.1. So it is X when Z = -1.28.
By the Central Limit Theorem
For a mean oil change time of 20.51 minutes there would be a 10% chance of being at or below