Answer:
first, u need to know the formula for compound interest, which is:
where A is the final amount
P- initial amount
r- percent compounded(interest)
and
n- number of years
so
we have
3.8/100 = 0.038
1+0.038 =1.038
1.038^4 = 1.160885573136
475 * 1.160885573136 = 551.4206472396
approximately $551.42
Answer:
a. 0.71
b. 0.9863
Step-by-step explanation:
a. The mean of the distribution is given as $403,000 and the standard deviation is $278,000.
-To estimate the probability that a randomly selected house has a value less than $500,000:
Thus, the probability that a randomly selected house has a value less than $500,000 is 0.71
b. -since 40 is larger than or equal to 30, we assume normal distribution.
-The probability can therefore be calculated as:
Hence, the probability that the mean value of the 40 houses is less than $500,000 is 0.9863