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3 years ago

You put $500 in the bank, where it ears 1.5% simple interest every year. How long until your money will triple?

Mathematics

1 answer:

zzz [600]3 years ago

3 0

Answer:

133.33 years

Step-by-step explanation:

Given that:

Principal = $500

Interest rate (r) = 1.5% = 0.015

Triple amount of principal = $500 * 3 = $1500 = final amount (A)

Number of years (t) =?

Using the relation :

A = P(1 + rt)

1500 = 500(1 + 0.015t)

1500 / 500 = 1 + 0.015t

3 = 1 + 0.015t

3 - 1= 0.015t

2 = 0.015t

2 / 0.015 = 0.015t / 0.015

133.333 = t

133.33 years

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And for this case after replace the values and with the sample mean already calculated we got:

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Step-by-step explanation:

For this case we have the following dataset:

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$\bar X =\frac{67.401+67.400+67.402+67.396+67.406+67.401+67.396+67.401+67.405+67.404}{10}=67.401$

Part b: Determine the standard deviation

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$s=\sqrt{\frac{\sum_{i=1}^n (X_i -\bar X)^2}{n-1}}$

And for this case after replace the values and with the sample mean already calculated we got:

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$\sigma=\sqrt{\frac{\sum_{i=1}^n (X_i -\bar X)^2}{n}}$

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