We have been given that in an account an amount of 7,650 is invested at 9.15 percent compounded quarterly for 8 years and 6 months.
We will use compound interest formula to find our answer.
,
Where, P= principle amount, A= amount after T years, n= period of compounding and r = interest rate (decimal).
Let us substitute our given values in our formula.
Therefore, after 8 years and 6 months our amount will be 16505.497.
The best estimate for this correlation would be B) 0.9.
We can see that the number is constantly going up, which would throw out the D answer.
We can also see that for every time the x goes up 1, the y goes up a little less than one. We can see that in the ordered pairs that exist on the graph such as (3, 2), (8, 6) and (2.1, 1.9).
Since the y values are just lower than the x, the correlation would be just under one. Therefore, 0.9 is an accurate estimation.
