If the simple interest on $7,000 for 7 years is $2,450, then what is the interest rate?
1 answer:
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Answer:
0.2857
Step-by-step explanation:
The probability of interest is the area under the probability density curve between the z-values associated with the temperature limits of interest.
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The first attachment shows a "sketch" of the distribution and the area of the portion of interest. (It also shows the probability as 0.2858.)
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The second attachment shows the table values of interest for this problem. The z-values that we want to look for in the table are ...
z1 = (0.50° -0°)/1.00° = 0.50
and
z2 = (2.00° -0°)/1.00° = 2.00
The area of the probability density function to the left of each of these z-values is given in the table, so the area between them is the difference of table values:
0.9772 -0.6915 = 0.2857
The probability of a reading between 0.50 and 2.00 is about 0.2857.
