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1 year ago

10

Lori buys a $1500 certificate of deposit (CD) that earns 6% interest that compounds monthly. How much will the CD be worth in 10

years?

1 answer:

OlgaM077 [116]1 year ago

4 0

The CD will worth in $2729.09 after 10 years.

Solution:

Principal (P) = $1500

Rate of interest (r) = 6%

$$=\frac{6}{100}$

= 0.06

Time (t) = 10 years

Compounded monthly

Number of times interest applied per time period

n = 12

A = Total amount

Compound interest formula:

$$A=P\left(1+\frac{r}{n}\right)^{n t}$

$$A=1500\left(1+\frac{0.06}{12}\right)^{12\times 10}$

$$A=1500\left(\frac{12+0.06}{12}\right)^{120}$

$$A=1500\left(\frac{12.06}{12}\right)^{120}$

$A=2729.09$

The CD will worth in $2729.09 after 10 years.

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1) Data given and notation

$\bar X=18.1$ represent the mean age when smokers first start to smoke varies

$s=1.3$ represent the standard deviation for the sample

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We need to conduct a hypothesis in order to determine if the mean starting age is at least 19, the system of hypothesis would be:

Null hypothesis: $\mu\geq 19$

Alternative hypothesis: $\mu < 19$

We know the population deviation, so for this case is better apply a z test to compare the actual mean to the reference value, and the statistic is given by:

$z=\frac{\bar X-\mu_o}{\frac{\sigma}{\sqrt{n}}}$ (1)

z-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".

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We can replace in formula (1) the info given like this:

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Since is a one-side lower test the p value would be:

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