Steven deposited $5,000 at 9% simple interest. How long will it be before he has
2 answers:
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The <em><u>correct answer</u></em> is:
0.0764
Explanation:
We will use a z-score to answer this. The formula for a z-score is
, where μ is the mean and σ is the standard deviation. Using our information in this problem, we have
Using a z-table, we look up the z-score 1.43. The area under the curve to the left of, or less than, this value is 0.9236. This means the probability that the time is greater than this is 1-0.9236 = 0.0764.