Here, Hope this helps,
Can you tell who won? Franco or Lisa in the number wheel? Explain
1 answer:
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Answer:
P = 0.0215 = 2.15%
Step-by-step explanation:
First we need to convert the values of 900 and 975 to standard scores using the equation:
Where z is the standard value, x is the original value, is the mean and
is the standard deviation. So we have that:
standard value of 900:
standard value of 975:
Now, we just need to look at the standard distribution table (z-table) for the values of z = 2 and z = 3:
z = 2 -> p_2 = 0.9772
z = 3 -> p_3 = 0.9987
We want the interval between 900 and 975 hours, so we need the interval between z = 2 and z = 3, so we just need to subtract their p-values:
P = p_3 - p_2 = 0.9987 - 0.9772 = 0.0215
So the probability is 0.0215 = 2.15%
Answer:
The amount needed as a one-time deposit to earn $7,500 in 3 years is <em>$4388.17</em>
Step-by-step explanation:
<u>Basic Finance Formulas </u>
One of the most-used formulas to compute present and future values is
Where FV is the future value, PV is the present value, r is the interest rate and n is the number of periods. It's vital to keep in mind that r and n must be referred to the same compounded time, e.g. r is compounded monthly and n is expressed in months
The question requires to compute the PV needed as a one-time deposit to earn a future value of $7,500 in 3 years at a 1.5% rate compounded monthly.
FV=7,500
r=1.5%=0.015
n=3*12=36 months
We converted n to months because r is compounded monthly . The formula
must be managed to make PV isolated
Answer: The amount needed as a one-time deposit to earn $7,500 in 3 years is $4388.17