a principal of $700 is invested in an account at 6% per year compounded annually what is the total amount of money in the accoun
2 answers:
Answer:
Total amount of money in the account be $936.6 .
Step-by-step explanation:
Formula
Where P is the principle , r is the interest and t is the time .
As given
A principal of $700 is invested in an account at 6% per year compounded annually for 5 years .
Putting all the values in the formula
Amount = $ 936.6
Therefore the total amount of money in the account be $936.6 .
You might be interested in
Answer:
The probability that in a randomly selected office hour in the 10:30 am time slot exactly two students will arrive is 0.2241.
Step-by-step explanation:
Let <em>X</em> = number of students arriving at the 10:30 AM time slot.
The average number of students arriving at the 10:30 AM time slot is, <em>λ</em> = 3.
A random variable representing the occurrence of events in a fixed interval of time is known as Poisson random variables. For example, the number of customers visiting the bank in an hour or the number of typographical error is a book every 10 pages.
The random variable <em>X</em> is also a Poisson random variable because it represents the fixed number of students arriving at the 10:30 AM time slot.
The random variable <em>X</em> follows a Poisson distribution with parameter <em>λ</em> = 3.
The probability mass function of <em>X</em> is given by:
Compute the probability of <em>X</em> = 2 as follows:
Thus, the probability that in a randomly selected office hour in the 10:30 am time slot exactly two students will arrive is 0.2241.