Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for addition
al storage. Suppose that the mean price for a customized wooden, shingled backyard structure is $3,200. Assume that the standard deviation is $1,200. (a) What is the z-score for a backyard structure costing $2,300
Value of the CD after 3 months is given by 300(1 + 0.03 / 4) = 300(1 + 0.0075) = 300 x 1.0075 = $302.25. Therefore, interest for 3 months = $302.25 - $300 = $2.25
