A principal of $2900is invested at 3.25% interest, compounded annually. How much will the investment be worth after 9years? Use the calculator provided and round your answer to the nearest dollar.

Answers

Answer 1

Given:

Principal = $2900

Rate of interest = 3.25% compounded annually.

Time = 9 years.

To find:

The amount of investment after 9 years.

Solution:

The formula for amount is:

[tex]A=P\left(1+\dfrac{r}{n}\right){nt}[/tex]

Where, P is principal, r is rate of interest, n number of times interest compounded in an year and t is the number of years.

Substitute P=2900, r=0.0325, n=1 and t=9.

[tex]A=2900\left(1+\dfrac{0.0325}{1}\right)^{1\times 9}[/tex]

[tex]A=2900\left(1+0.0325\right)^{9}[/tex]

[tex]A=2900\left(1.0325\right)^{9}[/tex]

Using calculator, we get

[tex]A=3867.306[/tex]

[tex]A\approx 3867[/tex]

Therefore, the worth of the investment after 9 years will be $3867.


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The diameters of bolts produced in a machine shop are normally distributed with a mean of 5.11 millimeters and a standard deviation of 0.07 millimeters. Find the two diameters that separate the top 9% and the bottom 9%. These diameters could serve as limits used to identify which bolts should be rejected. Round your answer to the nearest hundredth, if necessary.

Answers

Answer:

The diameter that separates the bottom 9% is 5.02 millimeters.

The diameter that separates the top 9% is 5.2 millimeters.

Step-by-step explanation:

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Problems of normal distributions can be solved using the z-score formula.

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Mean of 5.11 millimeters and a standard deviation of 0.07 millimeters.

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The 9th percentile, which is X when Z has a pvalue of 0.09. So X when Z = -1.34.

[tex]Z = \frac{X - \mu}{\sigma}[/tex]

[tex]-1.34 = \frac{X - 5.11}{0.07}[/tex]

[tex]X - 5.11 = -1.34*0.07[/tex]

[tex]X = 5.02[/tex]

The diameter that separates the bottom 9% is 5.02 millimeters.

Top 9%:

The 100 - 9 = 91th percentile, which is X when Z has a pvalue of 0.91. So X when Z = 1.34.

[tex]Z = \frac{X - \mu}{\sigma}[/tex]

[tex]1.34 = \frac{X - 5.11}{0.07}[/tex]

[tex]X - 5.11 = 1.34*0.07[/tex]

[tex]X = 5.2[/tex]

The diameter that separates the top 9% is 5.2 millimeters.

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