EASY QUESTION Hep :)
2 answers:
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Answer:
21
Step-by-step explanation:
Using<em> Simple Random Sampling</em>, we can estimate the sample size by the formula
where
n = sample size
Z = the z-score corresponding to the confidence level 99.5%
S = the assumed standard deviation = 3 seconds
e = margin of error = 2 seconds
<em>It is worth noticing that the higher the confidence level, the larger the sample should be. </em>
The z-score corresponding to a confidence level of 99.5% can be obtained either with a table or the computer and equals
Z = 3.023
Replacing the values in our formula
So the size of the sample should be at least 21.
The compound interest formula is :
where, A= Future value including the interest,
P= Principle amount, r= rate of interest in decimal form,
t= number of years and n= number of compounding in a year
Here, in this problem P= $ 51,123.21 , t= 20 years and 2 months
So, t= 20 + (2/12) years
t= 20 + 0.17 = 20.17 years
As the amount is compounded daily, so n= (12×30)= 360 [Using the traditional Banker’s rule of 30 days per month]
Thus,
When the interest rate is given, then we can use this equation for finding the future value.