Approximately how much principal would need to be placed into an account earning 1.58% interest compounded monthly so that it ha
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Answer:
15.87%
Step-by-step explanation:
Notice that the mean of 0.35 inches with a standard deviation of 0.01 gives you when you add (to the right of the distribution), exactly 0.36. Since you want to find the probability (or percentage) of the bolts that have diameter LARGER than 0.36 in, that means you want to estimate the area under the Normal distribution curve from 0.36 to the right). See attached image.
We can use the tables of Z distribution for that, or the standard normal tables:
P(x>0.36) = P(z>(0.36-0.35)/0.01) = P(Z>1) = 0.1587 = 15.87%
