Nathan is going to invest in an account paying an interest rate of 4.8% compounded continuously. How much would Nathan need to i
2 answers:
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Answer:
The probability distribution for x:"number of children per family for this income group" is:
Step-by-step explanation:
With the information given we have the relative frequencies of each category.
We know:
$116.02 interest will be earned in 9 months
Step-by-step explanation:
The formula for simple interest is given by:
Here
P is the initial amount
r is the interest
t is the time measured in years
Given
P = $2475
r = 6.25% =
t = 9 months
Converting time into year by dividing by 12
Putting the values in the formula
Rounding off to nearest hundredth
I = $116.02
Hence,
$116.02 interest will be earned in 9 months
Keywords: Interest, simple interest
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