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2 years ago

14

Assume that an 18 month CD purchased for $7000 pays an APR of 3% come compounded monthly. What is the APY? ( round your answer t

o two decimal places.)

2 answers:

Tomtit [17]2 years ago

8 0

16 nothing no lo sé hijo

makkiz [27]2 years ago

5 0

Answer:

Step-by-step explanation:

APY=(1+r/12)^12-1

APY=(1+.03/12)^12-1

APY=(1+.0025)^12-1

APY=0.0304(100)

APY=3.04%

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Step-by-step explanation:

Here, we want to model an equation.

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And replacing we got

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Step-by-step explanation:

Information given

$\bar X¿ 17.5$ represent the sample mean

$\mu$ population mean (variable of interest)

s¿4.2 represent the sample standard deviation

n¿65 represent the sample size

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The confidence interval for the mean is given by the following formula:

$\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}$ (1)

The degrees of freedom are given by:

$df=n-1=65-1=64$

Since the Confidence is 0.90 or 90%, the value of $\alpha=0.1$ and $\alpha/2 =0.05$ , and the critical value would be $t_{\alpha/2}=1.669$

And replacing we got

$17.5-1.669\frac{4.2}{\sqrt{65}}=16.63$

$17.5+1.669\frac{4.2}{\sqrt{65}}=18.37$

For the 95% confidence the critical value is $t_{\alpha/2}=1.998$

$17.5-1.998\frac{4.2}{\sqrt{65}}=16.46$

$17.5+1.998\frac{4.2}{\sqrt{65}}=18.54$

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3 years ago