What strategies can you use to remain committed to and on track towards achieving your goals over the next 12 months?
2 answers:
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Answer:
a) 0.10 or 10%
b) 0.5417 or 54.17%
Explanation:
a) The median income of $60,000 is at the 50th percentile of the distribution. If 40% if incomes are above $72,000, then an income of $72,000 is at the 60th percentile of the distribution. Therefore, the probability that a family's income will be between $60,000 and $72,000 is:
b) If the distribution is known to be uniform, the probability that a random chosen family has an income below $65,000 is:
Answer:
The amount at the end of 30 years is $174,952.
Explanation:
In this problem we first need to determine the future value after making A = $100 investment for n = 10 years at r = 11% per year compounded monthly.
Then we need to compute the compound interest on this future value for 20 years at 11% interest compounded annually.
The future value formula is:
The amount is compounded monthly.
The rate of interest per month is:
The number of periods is: <em>n</em> = 10 × 12 = 120 months.
Determine the future value as follows:
Thus, the amount at the end of 10 years is $21700.
Now this amount is kept the account for t = 20 years and earns an interest at the rate of 11% compounded annually.
Amount at the end of 30 years =
Thus, the amount at the end of 30 years is $174,952.