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3 years ago

Clark put 3000 in an account that compound 5% interest twice a year. if she left the money in for a year how much should have

Mathematics

1 answer:

AlexFokin [52]3 years ago

4 0

Step-by-step explanation:

A = P (1 + r/n) (nt)

A = the future value of the investment/loan, including interest

P = the principal investment amount (the initial deposit or loan amount)

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per unit t

t = the time the money is invested or borrowed for

p = 3000

r = 5%/100 = .05 (has to be in decimal format)

n = 2

t = 1

A = 3000(1 + .05/2)⁽²ˣ¹⁾ note (make sure you use ^ (power of) for the 2x1)

use PEMDAS to work out problem

P arenthesis

E exponents

M ultiplication

D ivision

A ddition

S ubtraction

A = 3000(1 + .05/2)⁽²ˣ¹⁾

a = 3000(1 + .025)^²

a = 3000(1.025)^2

a = 3000 x 1.050625

a = 3151.875

she would have $3,151.88

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Answer:

a) There is a 9% probability that a drought lasts exactly 3 intervals.

There is an 85.5% probability that a drought lasts at most 3 intervals.

b)There is a 14.5% probability that the length of a drought exceeds its mean value by at least one standard deviation

Step-by-step explanation:

The geometric distribution is the number of failures expected before you get a success in a series of Bernoulli trials.

It has the following probability density formula:

$f(x) = (1-p)^{x}p$

In which p is the probability of a success.

The mean of the geometric distribution is given by the following formula:

$\mu = \frac{1-p}{p}$

The standard deviation of the geometric distribution is given by the following formula:

$\sigma = \sqrt{\frac{1-p}{p^{2}}$

In this problem, we have that:

$p = 0.383$

$\mu = \frac{1-p}{p} = \frac{1-0.383}{0.383} = 1.61$

$\sigma = \sqrt{\frac{1-p}{p^{2}}} = \sqrt{\frac{1-0.383}{(0.383)^{2}}} = 2.05$

(a) What is the probability that a drought lasts exactly 3 intervals?

This is $f(3)$

$f(x) = (1-p)^{x}p$

$f(3) = (1-0.383)^{3}*(0.383)$

$f(3) = 0.09$

There is a 9% probability that a drought lasts exactly 3 intervals.

At most 3 intervals?

This is $P = f(0) + f(1) + f(2) + f(3)$

$f(x) = (1-p)^{x}p$

$f(0) = (1-0.383)^{0}*(0.383) = 0.383$

$f(1) = (1-0.383)^{1}*(0.383) = 0.236$

$f(2) = (1-0.383)^{2}*(0.383) = 0.146$

Previously in this exercise, we found that $f(3) = 0.09$

$P = f(0) + f(1) + f(2) + f(3) = 0.383 + 0.236 + 0.146 + 0.09 = 0.855$

There is an 85.5% probability that a drought lasts at most 3 intervals.

(b) What is the probability that the length of a drought exceeds its mean value by at least one standard deviation?

This is $P(X \geq \mu+\sigma) = P(X \geq 1.61 + 2.05) = P(X \geq 3.66) = P(X \geq 4)$ .

We are working with discrete data, so 3.66 is rounded up to 4.

Either a drought lasts at least four months, or it lasts at most thee. In a), we found that the probability that it lasts at most 3 months is 0.855. The sum of these probabilities is decimal 1. So:

$P(X \leq 3) + P(X \geq 4) = 1$