Devon’s mother borrowed $4,000 to have some repairs done on the house. The bank is charging 9% simple annual interest on the loa
2 answers:
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ANSWER
0.9738 or 97.38%
EXPLANATION
Given:
Desired Outcome:
Probability that it will last 10 years
z-score for the sample:
p-value
For the z-score of 1.9376, the p-value is 0.9738 or 97.38%
Hence, the probability that it will last longer than 10 years if you randonly purchase one item is 97.38%