The Jones family want to enclose the garden with a fence. To the nearest foot (round to the nearest whole number), how much fenc
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Answer:
$501,049.37
Step-by-step explanation:
For computing the amount after 22 years we need to applied the future value which is shown in the attachment below:
Given that
PMT = $9,000
NPER = 22 years
Annual rate = 0.078
Quarterly= 0.078 ÷ 4 = 0.0195
Effective annual rate = (1.0195^4) - 1 = 0.0803113041
Now applied the formula which is given below
= -FV(RATE;NPER;PMT;PV)
After applying the above formula, the future value is $501,049.37
Answer:
0.0668 = 6.68% probability that the worker earns more than $8.00
Step-by-step explanation:
When the distribution is normal, we use 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.
The average hourly wage of workers at a fast food restaurant is $7.25/hr with a standard deviation of $0.50.
This means that
If a worker at this fast food restaurant is selected at random, what is the probability that the worker earns more than $8.00?
This is 1 subtracted by the pvalue of Z when X = 8. So
has a pvalue of 0.9332
1 - 0.9332 = 0.0668
0.0668 = 6.68% probability that the worker earns more than $8.00