A hotel manager believes that 14% of the hotel rooms are booked. If the manager is right, what is the probability that the propo
1 answer:
Answer:
0.4996
Step-by-step explanation:
We are given;
Population proportion; p = 14% = 0.14
Sample size; n = 804
Sample proportion; p^ = 13% = 0.13
Standard deviation; σ = √np(1 - p)
σ = √(804 × 0.14 × (1 - 0.14))
σ = 9.8388
Formula for z-score is;
z = (p^ - p)/σ
z = (0.13 - 0.14)/9.8388
z = -0.01/9.8388
z = -0.001
From online z-score and probability converter attached, we have;
P(Z < -0.001) = 0.4996
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Rate of interest = 2.7%
In decimals 2.7 could be written by dividing 2.7 by 100, we get
0.027.
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We can make a table to balance by after each year.
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Second year balance: Second year interest + Deposited amount = 2*0.378 +14 = 0.756+ 14 = $14.756.
Third year balance: Third year interest + Deposited amount = 3*0.378 +14 = 1.134+ 14 = $15.134.
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