Answer:
Standard deviation 46.3
Step-by-step explanation:
A 28% of the distribution is equivalent to a z score of -0.5828, you can use a z table to find that.
Z score is calculated as follows:
x is the number being evaluated
μ is the mean
σ is the standard deviation
And it is used to calculate how many standard deviations you are from the mean of the sample.
Replacing with the known information you can calculate the standard deviation:
Answer:
A. $29,045.68
B. $28,981.85
C. Compound daily applies interest everyday over a period of 365 days in a year. Compound annually only applies the 3% interest once a year.
Step-by-step explanation:
3% compounded daily:
A = P(1 + r/n)^nt
= 25000(1 + )^365(5)
= 25000(1.00008219)¹⁸²⁵
= 25000(1.161827)
= 29045.6770
3% compounded annually:
A = P(1 + r/n)^nt
= 25000(1 + )^1(5)
= 25000(1.03)⁵
= 25000(1.159274)
= 28981.8518