Eric invested $20,500 in an account that earns 1% simple interest. He will make no more deposits or withdrawals.
2 answers:
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Answer:
Q1 a) 0.9545
b) 0.02275
c) 0.97725
Q2 z is approximately equal to -1.466
Step-by-step explanation:
Q1 The given information are;
The mean time to commute to work = 24.4 minutes
The standard deviation = 6.5 minutes
a) The z-score for 11.4 is given as follows;
Where;
x = Observed value 11.4
μ = The mean = 24.4 minutes
σ = The standard deviation = 6.5 minutes
The z-score for 37.4 is given as follows;
-2 < z < 2, which gives, from the z-score table;
The probability of commute time to be between 11.4 minutes and 37.4 minutes = 0.97725 - 0.02275 = 0.9545
b) From the z-score table, the probability that the commute time to be less than 11.4 minutes = The probability at z = -2 = 0.02275
c) From the z-score table, the probability that the commute time to be greater than 37.4 minutes = The probability at z = 2 = 0.97725
Q2 The the z-score that corresponds to a commute time of 15 minutes is given as follows;