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Mathematics

1 answer:

Leviafan [203]3 years ago

7 0

Answer:

The amount in account after 5 years at 2.75 APR is $ 8589.525

Step-by-step explanation:

Given as :

The amount save in the account per months = $ 25

The time period of saving = 25 years = 25 × 12 = 300 months

So, Amount saved in account for 300 months = $ 25 × 300 = $ 7500

The annual percentage rate = 2.75 %

<u>From Compounded method</u>

Amount = Principal × $(1+\frac{\testrm Rate}{100})^{\textrm Time}$

So, Amount = $ 7500 × $(1+\frac{\testrm 2.75}{100})^{\textrm 5}$

Or, Amount = $ 7500 × $(1.0275)^{5}$

or, Amount = $ 7500 × 1.14527

∴ Amount = $ 8589.525

Hence The amount in account after 5 years at 2.75 APR is $ 8589.525 Answer

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The firgure attached illustrate the problem

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Solution to the problem

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$X \sim N(100000,20000)$

Where $\mu=100000$ and $\sigma=20000$

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And the best way to solve this problem is using the normal standard distribution and the z score given by:

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If we apply this formula to our probability we got this:

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