Determine the time necessary for P dollars to double when it is invested at interest rate r compounded annually, monthly, daily,
1 answer:
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Answer:
- annually: 9.01 years
- monthly: 8.69 years
- daily: 8.67 years
- continuously: 8.66 years
Step-by-step explanation:
For interest compounded in discrete intervals, the formula is ...
A = P(1 +r/n)^(nt)
We want to find t for P=1 and A=2, so we have ...
2 = (1 +r/n)^(nt)
ln(2) = nt·ln(1+r/n)
t = ln(2)/(n·ln(1+r/n))
A table of values for r=0.08 is attached.
__
For continuous compounding, the formula is ...
A = Pe^(rt)
t = ln(A/P)/r = ln(2)/0.08 ≈ 8.66434 . . . . years
__
- annually: 9.01 years
- monthly: 8.69 years
- daily: 8.67 years
- continuously: 8.66 years
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The probability that a randomly selected runner has a time less than or equal to 3 hours and 20 minutes is 0.16 or 16%.
Normally distributed data is the distribution of probability which is symmetric about the mean.
The mean of the data is the average value of the given data.
The standard deviation of the data is the half of the difference of the highest value and mean of the data set.
The times of the runners in a marathon are normally distributed, with
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- Standard deviation of 30 minutes.
Refere the probabiliity table attached below. The probability of Z being inside the 1 Standard daviation of mean is 0.84.
The probability of runner selected with time less than or equal to 3 hours and 20 minutes,
Thus, the probability that a randomly selected runner has a time less than or equal to 3 hours and 20 minutes is 0.16 or 16%.
Learn more about the normally distributed data here;
