Answer:
Amount he must have in his account today is $5,617.92
Step-by-step explanation:
Data provided in the question:
Regular withdraw amount = $900
Average annual interest rate, i = 4% = 0.04
Time, n = 7 years
Now,
Present Value = ![C \times\left[ \frac{1-(1+i)^{-n}}{i} \right] \times(1 + i)](https://tex.z-dn.net/?f=C%20%5Ctimes%5Cleft%5B%20%5Cfrac%7B1-%281%2Bi%29%5E%7B-n%7D%7D%7Bi%7D%20%5Cright%5D%20%5Ctimes%281%20%2B%20i%29)
here,
C = Regular withdraw amount
Thus,
Present Value = ![C \times\left[ \frac{1-(1+i)^{-n}}{i} \right] \times(1 + i)](https://tex.z-dn.net/?f=C%20%5Ctimes%5Cleft%5B%20%5Cfrac%7B1-%281%2Bi%29%5E%7B-n%7D%7D%7Bi%7D%20%5Cright%5D%20%5Ctimes%281%20%2B%20i%29)
Present Value = ![900 \times\left[ \frac{1-(1+0.04)^{-7}}{ 0.04 } \right] \times(1 + 0.04)](https://tex.z-dn.net/?f=900%20%5Ctimes%5Cleft%5B%20%5Cfrac%7B1-%281%2B0.04%29%5E%7B-7%7D%7D%7B%200.04%20%7D%20%5Cright%5D%20%5Ctimes%281%20%2B%200.04%29)
Present Value =
Present Value =
Present Value = 936 × 6.00205
or
Present Value = $5,617.92
Hence,
Amount he must have in his account today is $5,617.92
Answer:
Upper P95 = 16.21in
Step-by-step explanation:
When the distribution is normal, we use the z-score formula.
In a set with mean
and standard deviation
, the zscore of a measure X is given by:

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this question, we have that:

Upper P 95
This is the 95th percentile, which is X when Z has a pvalue of 0.95. So X when Z = 1.645.
Then




Upper P95 = 16.21in
The area of a rectangle is Base x height whereas the area of a triangle is Base x height divided by 2
Between 0 and 1 because it goes 0, 1/10, 2/10, and so on and so forth till 1
Answer: See the full explanation.
Step-by-step explanation:
You can actually do this using various life scenario. Let me help you with this example.
Suppose that one person is called Mike and he needs to buy something, here is your scenario for Mike to get what he want:
Mike wants to buy a pair of shoes that worth 37$ for a soccer game next week. He only has 5$ in his wallet. In order to get the remaining money, he decides to work in a market for a day. If the market pay 8$ per hour, how many hours does Mike need to have enough money to buy the shoes?.
This is the real life scenario. The equation is as above, because you can call "x" the number of hours needed, so as you solve the equation, you'll realize that the number of hours needed is 4:
8x + 5 = 37
8x = 37 - 5
8x = 32
x = 32/8 = 4 hours needed.