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2 years ago

Joe borrowed $5,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 7 years?

Mathematics

2 answers:

yaroslaw [1]2 years ago

5 0

Answer:

$2450

Step-by-step explanation:

7% of 5000 is 350 which means that she would be paying $350 a year and so if you multiply the amount she pays a year ($350) you would get $2450.

I hope this helps.

ExtremeBDS [4]2 years ago

4 0

I got $2450 when I did the math

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Answer:

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Then we have:

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Step-by-step explanation:

Previous concepts

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".

Solution to the problem

Let X the random variable that represent the number of cars running a red light of a population, and for this case we know the distribution for X is given by:

$X \sim N(3.6,5)$

Where $\mu=3.6$ and $\sigma=5$

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$\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}})$

With the following parameters:

$\mu_{\bar X}= 3.6$

$\sigma_{\bar X} = \frac{5}{\sqrt{100}}= 0.5$

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