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Answer:
(a)His monthly Interest Rate=0.8%
(b)Annual Interest Rate = 9.6%
(c)
Step-by-step explanation:
For a Principal P invested at a yearly rate r, compounded m times in t years
Amount at Compound Interest=
Comparing with Jerry's equation y=388 (1.008)
(a)His monthly Interest Rate= 0.008=0.8%
(b)Annual Interest Rate= Monthly Interest Rate X 12 =0.8 X 12 = 9.6%
(c)If I invest $500 at the same rate of return,
Total Money after m months
=
Answer:
P(Z < 2.37) = 0.9911.
Step-by-step explanation:
We are given that Let z denote a random variable that has a standard normal distribution.
Let Z = a random variable
So, Z ~ Standard Normal(0, 1)
As we know that the standard normal distribution has a mean of 0 and variance equal to 1.
Z = ~ N(0,1)
where, = mean = 0
= standard deviation = 1
Now, the probability that z has a value less than 2.37 is given by = P(Z < 2.37)
P(Z < 2.37) = P(Z < ) = P(Z < 2.37) = 0.9911
The above probability is calculated by looking at the value of x = 2.37 in the z table which has an area of 0.9911.