A total of $250,000 is invested at an annual interest rate of 3%. Find the balance in the account after 5 years if it is compoun
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Answer:
Step-by-step explanation:
a)
Confidence interval in less than symbol expressed as
Where is sample mean and
is margin of error.
b)
The given t interval is
That is and
Solve these two equation by adding together.
Solve this value of \bar{x} in equation and solve for
Best point estimate of
Best point estimate of margin of error = 0.193
c)
Since sample size = 100 which is sufficiently large (Greater than 30) , it is no need to confirm that
sample data appear to be form a population with normal distribution.