QuestionIf $500 is borrowed with an interest of 21.0% compounded monthly, what is the total amount of money needed to pay it
back in 1 year? Round your answer to the nearest dollar. Do not round at any other point in the solving process; only round
your final answer.
Answers
Answer:
$615.72
Step-by-step explanation:
Use the compound interest formula and substitute the given value: A=$500(1+0.21/12)^12(1)
Simplify using order of operations: A=$500(1.0175)^12=$500(1.231439315)
=$615.72
Answer:
$558.68
Step-by-step explanation:
The amount of each monthly payment is given by the amortization formula:
A = P(r/n)/(1 -(1 +r/n)^(-nt)
where P is the principal borrowed, r is the annual rate, n is the number of times per year interest is compounded, and t is the number of years.
We want to find nA where we have n=12, r=0.21, t=1, P=500. Filling in these values, we get ...
nA = Pr/(1 -(1 +r/n)^-n) = $500(0.21)/(1 -1.0175^-12) = $558.68
The total amount needed to repay the loan in 1 year is $558.68.
Related Questions
A missile uses an internal computer clock to measure time in tenths of a second. The missile guidance system needs the time from launch, in seconds, in order to calculate its distance from the launch site. It obtains this by multiplying the computer clock time by 0.1. So, for example, a reading of 50 tenths of a second is 5 seconds. For one particular missile system, the conversion factor of 0.1 is stored in 8 bits as the binary number 0.000110012.The missile’s internal computer clock shows 200 tenths of a second. Convert this to seconds using your result from Part (i) of this question. Do not round your answer. The missile guidance system now records that it has travelled for this number of seconds.
Find the missing variable in the following question.If there is direct variation and y = 35 and x = 14, find x when y = 15.A. x = 15B. x = 6C. x = 24D. x = 12
Which of the following is equivalent to √8?A.2B.√2C.2 √2D.2 + √2
Write the formula for Newton's method and use the given initial approximation to compute the approximations x_1 and x_2. f(x) = x^2 + 21, x_0 = -21 x_n + 1 = x_n - (x_n)^2 + 21/2(x_n) x_n + 1 = x_n - (x_n)^2 + 21 x_n + 1 = x_n - 2(x_n)/(x_n)^2 + 21 Use the given initial approximation to compute the approximations x_1 and x_2. x_1 = (Do not round until the final answer. Then round to six decimal places as needed.)
Answers
Answer:
35
Step-by-step explanation:
Given that :
Number of balls = 8
Red (R) = 6 ; 1 green(G) ; 1 BLUE (B)
Possibilities unt a blue ball is picked :
B, RB, GB, RRB, RGB, GRB, G
Draw 1 = B = 1
Draw 2 = B = 2C1 = 2
Draw 3 = B = 3C2 = 3
Draw 4 = B = 3C3 + 3C1 = 1 + 3 = 4
Draw 5 = B = 4C4 + 4C1 = 1 + 4 = 5
Draw 6 = B = 5C5 + 5C1 = 1 + 5 = 6
Draw 7 = B = 6C6 + 6C1 = 1 + 6 = 7
Draw 8 = B = 6C6 + 6C1 = 1 + 6 = 7
Taking the sum:
(1 + 2 + 3 + 4 + 5 + 6 + 7 + 7) = 35
There are 35 elements in the sample space
(b) Suppose a random sample 30 one-bedroom rental listing in this large city will be selected, the rent price will be recorded for each listing, and the sample mean rent price will be computed. What can be said about the probability that the sample mean rent price will be greater than $900?
Answers
Answer:
a) Nothing, beause the distribution of the monthly rental prices are not normal.
b) 1.43% probability that the sample mean rent price will be greater than $900
Step-by-step explanation:
To solve this question, we need to understand the normal probability distribution and the central limit theorem.
Normal probability distribution
Problems of normally distributed samples are solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
Central Limit Theorem
The Central Limit Theorem estabilishes that, for a random variable X, with mean and standard deviation
, the sample means with size n of at least 30 can be approximated to a normal distribution with mean
and standard deviation
(a) Suppose a one-bedroom rental listing in this large city is selected at random. What can be said about the probability that the listed rent price will be at least $930?
Nothing, beause the distribution of the monthly rental prices are not normal.
(b) Suppose a random sample 30 one-bedroom rental listing in this large city will be selected, the rent price will be recorded for each listing, and the sample mean rent price will be computed. What can be said about the probability that the sample mean rent price will be greater than $900?
Now we can apply the Central Limit Theorem.
This probability is 1 subtracted by the pvalue of Z when X = 900.
By the Central Limit Theorem
has a pvalue of 0.9857
1 - 0.9857 = 0.0143
1.43% probability that the sample mean rent price will be greater than $900
Answers
Answer:
Step-by-step explanation:
A.
Upper H 0 : p less than 0.5
Upper H 1 : p equals 0.5
B.
Upper H 0 : p greater than 0.5
Upper H 1 : p equals 0.5
C.
Upper H 0 : p equals 0.5
Upper H 1 : p not equals 0.5
D.
Upper H 0 : p equals 0.5
Upper H 1 : p less than 0.5
E.
Upper H 0 : p not equals 0.5
Upper H 1 : p equals 0.5
F.
Upper H 0 : p equals 0.5
Upper H 1 : p greater than 0.5
What is the test statistic?
Z =
(Round to two decimal places as needed.)
What is the conclusion about the null hypothesis?
A. Reject the null hypothesis because the P-value is greater than the significance level, alpha.
B. Fail to reject the null hypothesis because the P-value is less than or equal to the significance level, alpha.
C. Fail to reject the null hypothesis because the P-value is greater than the significance level, alpha.
D. Reject the null hypothesis because the P-value is less than or equal to the significance level, alpha.
What is the final conclusion?
A.There is sufficient evidence to support the claim that most medical malpractice lawsuits are dropped or dismissed.
B.There is not sufficient evidence to support the claim that most medical malpractice lawsuits are dropped or dismissed.
C.There is sufficient evidence to warrant rejection of the claim that most medical malpractice lawsuits are dropped or dismissed.
D.There is not sufficient evidence to warrant rejection of the claim that most medical malpractice lawsuits are dropped or dismissed.
Answers
Answer:
Step-by-step explanation:
A. Upper H 0 : p equals 0.5
Upper H 1 : p not equals 0.5
B. Using the tests promotion formula, we have (p - P) / √P(1-P)
Where p (sample promotion) = 494/788 = 0.6269, P (population proportion) = 0.5,
(0.6269 - 0.5) / (√0.5(1-0.5))
0.1269/ √(0.5 (0.5))
0.1269/ √0.25
0.1269/0.5
Test statistics is equal to 0.2538
C. We will use the p value to determine our result, thus the p value at 0.05 level of significance is 0.79965, thus we fail to reject the null hypothesis because the P-value is greater than the significance level, alpha.
Then we conclude that There is not sufficient evidence to support the claim that most medical malpractice lawsuits are dropped or dismissed.
Answers
of the room?
Answers
Answer:
To find the width, multiply the length that you have been given by 2, and subtract the result from the perimeter. You now have the total length for the remaining 2 sides. This number divided by 2 is the width.
Step-by-step explanation:
The area of any quadrilateral can be determined by multiplying the length of its base by its height. Since we know the shape here is square, we know that all sides are of equal length. From this we can work backwards by taking the square root of the area to find the length of one side. hope this helps you :)