Madeline deposited $750 into an investment account that earns 1.5% interest compounded annually. If no deposits nor withdrawals
are made, how much in dollars will be in the account after 15 years?
A $1,687.50
B $937.67
C $918.75
D $870.40
A $1,687.50
B $937.67
C $918.75
D $870.40
1 answer:
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Answer:
The parameters of this exponential distribution is =
.
Step-by-step explanation:
We are given that the random variable X is known to be exponentially distributed and let X be the time it takes for a person to choose a birthday gift, where X has an average value of 27 minutes.
<u><em>So, X = time it takes for a person to choose a birthday gift</em></u>
The probability distribution function of exponential distribution is given by;
where,
= parameter of distribution.
Now, the mean of exponential distribution is = which is given to us as average value of 27 minutes that means
.
So, X ~ Exp( ) .
Therefore, the parameter of this exponential distribution is .