The formula of the Simple Interest is:
I=PRT
P for Principle Amount ($1200)
R for Rate (5%=
= 0.05)
T for Time in years (4 years)
I = 1200 × 0.05 × 4
= $240
Add the interest to the principle amount to check the balance
$1200 + $240 = $1440
The dollar number that defines where the lowest values falls is
20% percentile value =$20
This is further explained below.
<h3 /><h3>What is the dollar number that defines where the lowest value falls?</h3>
Generally, Now we need to determine the 20th percentile ($20). It indicates that we need to locate a dollar amount that marks the point at which the 20 % data has a value lower than that number.
i=(p/100)*n
Where i is the position of p^th
percentile when the data is presented in ascending order.
i=20/100*50
i=1000/100
i=10
Therefore
n=50
p=20
In conclusion, the 10th position for given data is 20,
Therefore, 20% percentile value =$20
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