Amy opened a savings account with $1750 she received for graduation. The account pays 4.3% simple interest. What is the balance
1 answer:
Given:
- The principal amount that Amy opened her savings account with is $1750.
- The rate of simple interest compounded annually is 4.3%.
- The time period for which we calculate the new balance is 6 months.
To Find:
The balance after 6 months.
Answer:
The balance after 6 months will be $1787.625
Step-by-step explanation:
The principal amount that Amy opened her savings account with is $1750. We can denote this by P.
The rate of simple interest compounded annually is 4.3% which we may denote by R.
The time period for which we calculate the new balance is 6 months which can be written as 0.5 years (since the rate of interest is compounded annually, we must consider the time period in terms of years).
The amount of money accrued from the interest can be calculated by the formula
Putting in the values given in the question, we have
The amount in the bank account will be the principal amount plus the amount of interest accrued that we have calculated above.
Thus, the balance after 6 months will be 1750 + 37.625 = $1787.625.
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Answer:
a) We need to conduct a hypothesis in order to check if the true average number of days in the past month that adults walked for the purpose of health or recreation is lower than 5.5 days (a;ternative hypothesis) , the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
b) For this case since we want to determine if the true mean is lower than an specified value is a one tailed test
c) For this case the significance level is given and we want to find the critical value, so we need to find a critical value on the normal standard distribution who accumulate 0.01 of the area on the right tail and if we use excel or a table we got:
And the rejection zone would be:
And the region is on the figure attached
Step-by-step explanation:
Part a: State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the true average number of days in the past month that adults walked for the purpose of health or recreation is lower than 5.5 days (a;ternative hypothesis) , the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
Part b
For this case since we want to determine if the true mean is lower than an specified value is a one tailed test
Part c
For this case the significance level is given and we want to find the critical value, so we need to find a critical value on the normal standard distribution who accumulate 0.01 of the area on the right tail and if we use excel or a table we got:
And the rejection zone would be:
And the region is on the figure attached
