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3 years ago

PLEASE HELP NOW!!! Why is a higher interest rate important when saving money?

1 answer:

8 0

B.) It grows savings at a faster pace.

The interest rate determines how much money a bank pays you to keep your funds on deposit. Suppose you deposit $5,000 into a savings account, don’t deposit or withdraw any more money and the interest rate doesn’t change. If the account has a 1.00% interest rate and the interest compounds annually—that is, the bank pays you interest on your balance once each year—you’ll earn $50 after the first year. -Discover.com

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A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers

-BARSIC- [3]

Answer:

1. P(X > 305) = $0.1038

2. P ( X > 295) = $0.8962

3. P ( X > 290) = $0.0057

4. P(302 < X < 304 ) = $0.1488

Explanation:

Solution:

Data Given:

Mean = u = $300

SD = Standard Deviation = $56

Sample Size = n = 200

uX = u = 300

SDX = $\frac{SD}{\sqrt{n} }$ = $\frac{56}{\sqrt{200} }$ = 3.96

P(X > 305) = 1-P ( $\frac{X - uX}{SDX} < \frac{305 - 300}{3.96}$ )

P(X > 305) = 1-P (Z < 1.26)

Using Standard Normal Table, we have:

P(X > 305) = 1 - 0.8962

Probability = $0.1038

P ( X > 295) = 1 - P ( $\frac{X - uX }{SDX} < \frac{295 - 300}{3.96}$ )

P ( X > 295) = 1 - P (Z< 1.26)

Using standard normal table, we have:

P ( X > 295) = 1 - 0.1038

P ( X > 295) = $0.8962

P ( X > 290) = P ( $\frac{X - uX }{SDX} < \frac{290 - 300}{3.96}$ )

P ( X > 290) = P ( z< -2.53)

Using Standard normal table, we have:

P ( X > 290) = $0.0057

P(302 < X < 304 ) = P ( $\frac{302 - 300}{3.96} < \frac{X - uX}{SDX} < \frac{304 - 300}{3.96}$ )

P(302 < X < 304 ) = P ( 0.51 < z < 1.01)

P(302 < X < 304 ) = P (z < 1.01) - P (z < 0.51)

P(302 < X < 304 ) = 0.8438 - 0.6950

P(302 < X < 304 ) = $0.1488

7 0

3 years ago

Identify one advantage and two disadvantages of a monopoly.

Olin [163]

A monopoly is like a patent; It's good if you own one because you can control something and be the only person who makes money off of it.
It's bad because it defeats competition between other competing companies, and prices will go up
It's even worse when you consider what would happen if a dozen people or two monopolize the whole world. Then no one else would make money
Hope this helps!

5 0

4 years ago

Sarah Mayer works as a security officer and is in charge of keeping track of who is in the office at any given time. She notices

larisa86 [58]

Answer:

Letter C is correct. Behavioral.

Explanation:

Attitudes in a workplace correspond to the way an individual will react to a particular situation. It may occur with other people's evaluation, problems and events, and may have a positive or negative character.

The behavioral component exemplified in the above question, is characterized as the intentions of an individual, are the tendencies of how an individual will behave towards an object in the short and long term.

4 0

3 years ago

When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balan

DanielleElmas [232]

Answer:

Outstanding checks

Explanation:

One of the reasons why a cash book and a bank statement might not show identical entries arise from outstanding checks.

Outstanding checks are payments that have not yet been cleared and debited to the account at the bank.

8 0

3 years ago

Paige Company estimates that unit sales will be 10,100 in quarter 1, 12,200 in quarter 2, 14,700 in quarter 3, and 18,600 in qua

Tcecarenko [31]

Answer:

Total Sales Units 55,600

Total Sales Budget 55600*83= $ 4614,800

Explanation:

PAIGE COMPANY

Sales Budget

For the year ending December 31, 2020

Quarter 1 2 3 4

Sales units 10,100 12,200 14,700 18,600

Sales Price $ 83 $ 83 $ 83 $ 83

Sales Budget $838300 $ 1012600 $1220100 $1543800

As the sales units for each quarter and unit sales price is given we can easily calculate the sales budget by multiplying the units with the units price.

Total Sales Units 55,600

Total Sales Budget 55600*83= $ 4614,800

Similarly the total units can be calculated by adding the units in the quarters and multiplying it with the unit cost will give the total sale budget for the year.

7 0

3 years ago

Read 2 more answers