In a survey of 2954 adults, 1401 say they have started paying bills online in the last year.
Construct a 99% confidence interval for the population proportion. Interpret the results.
A 99% confidence interval for the population proportion is
(Round to three decimal places as needed.)
Pls help

In A Survey Of 2954 Adults, 1401 Say They Have Started Paying Bills Online In The Last Year.Construct

Answers

Answer 1

Answer:

The 99% confidence interval for the population proportion is between (0.4526, 0.4960). The interpretation is that we are 99% sure that the true proportion of adults who have started paying bills online in the last year is between these two values.

Step-by-step explanation:

In a sample with a number n of people surveyed with a probability of a success of [tex]\pi[/tex], and a confidence level of [tex]1-\alpha[/tex], we have the following confidence interval of proportions.

[tex]\pi \pm z\sqrt{\dfrac{\pi (1-\pi )}{n} }[/tex]

In which

z is the z-score that has a p-value of [tex]1-\dfrac{\alpha }{2}[/tex].

For this problem, we have that:

In a survey of 2954 ​adults, 1401 say they have started paying bills online in the last year. This means that [tex]n=2954, \ p=\dfrac{1401}{2954} =0.4743[/tex]

99% confidence level

So [tex]\alpha =0.01[/tex], z is the value of Z that has a p-value of [tex]1-\dfrac{0.01}{2} =0.995[/tex], so [tex]Z=2.575[/tex].

The lower limit of this interval is:

[tex]\pi -z\sqrt{\dfrac{\pi (1-\pi)}{n} } =0.4743-2.575\sqrt{\dfrac{0.4743\times0.4408}{2954} } =0.4526[/tex]

The upper limit of this interval is:

[tex]\pi -z\sqrt{\dfrac{\pi (1-\pi)}{n} } =0.4743+2.575\sqrt{\dfrac{0.4743\times0.4408}{2954} } =0.4960[/tex]

The 99% confidence interval for the population proportion is between (0.4526, 0.4960). The interpretation is that we are 99% sure that the true proportion of adults who have started paying bills online in the last year is between these two values.


Related Questions

What is the equation in point-slope form of a line that passes through the points (7, 8) and (-4, 6)?
y-6=-14(x+4)
y-6= (x+4)
y+6=(x-4)
y+6=-11(x− 4)

Answers

Therefore , the solution of the given problem of equation comes out to be  (7, 8) and (-4, 6).(x - 7).

Explain equation.

Complex algorithms frequently employ variable words to demonstrate coherence between two opposing assertions. Equations are academic expressions that are used to demonstrate the equality of different academic figures. In this case, leveling generates b + 7 rather than another algorithm that could analyze data provided by y + 7, split 12 into two parts, and create y + 7.

Here,

We must first determine the line's inclination. The slope calculation, which is as follows:

=>  m = (y2 - y1) / (x2 - x1)

where the coordinates for the two locations are (x1, y1) and (x2, y2).

We have the following using the locations (7, 8) and (-4, 6):

=>  m = (6 - 8) / (-4 - 7) = -2 / (-11) = 2/11

=>  y - y1 = m(x - x1)

Let's pick point (7, 8) on the line as our starting place. Next, by replacing m with 2/11 and (x1, y1) with (7, 8), we obtain:

=>  y - 8 = (2/11)(x - 7)

=>  y - 8 = (2/11)x - (14/11)

=> y = (2/11)x + (74/11)

Thus, y - 8 = (2/11) is the equation of the point-slope line passing through the locations (7, 8) and (-4, 6).(x - 7).

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show working of how many are needed to fill two jars if a cup holds 1/4 of a jar

Answers

To fill two jars, we need eight cups, as one jar requires four cups, and we are filling up two jars.

If a cup holds 1/4 of a jar, then it would take 4 cups to fill one jar.

To fill two jars, we need to multiply the number of cups required to fill one jar by 2:

4 cups x 2 = 8 cups

Therefore, we need 8 cups to fill two jars.

To understand this concept visually, imagine a jar divided into four equal parts, and each part representing a cup. When you fill up one part or cup, you have filled up 1/4 of the jar. Similarly, when you fill up all four cups, you have filled up one full jar. Therefore, it would take four cups to fill up one jar.

If we want to fill two jars, we would need to repeat the process of filling up four cups for each jar, which would give us a total of eight cups for two jars.

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Rewrite in simplest terms: − 8 ( 0.9w + 6w − 0.7 ) − 0.3w

Answers

Step-by-step explanation:

do brackets first (0.9w+6w-0.7) = 6.9w-0.7

-8+6.9w-0.7-0.3w

-8-0.7=-8.7

6.9w-0.3w=6.6w

=6.6w-8.7 I think

The slope of a line is given by the formula:
horizontal change
m
vertical change
True
False

Answers

False.

The slope of a line is given by the formula:

m = (change in y) / (change in x)

where "change in y" represents the vertical change and "change in x" represents the horizontal change between two points on the line.

classify each polygon by its number of sides then label it as convex or concave.

Answers

Hexagon - concave, Quadrilateral - Convex, Decagon - concave, Dodecagon - concave.

What is polygon?

A polygon is a 2-dimensional closed shape made up of straight line segments. It is a flat shape with three or more straight sides and angles.

A polygon is a closed plane figure with straight sides, defined by three or more line segments that meet at points called vertices. The sides of a polygon do not cross each other, and the angles between adjacent sides are called interior angles.

The classification of polygons is based on the number of sides they have. For example, a polygon with three sides is called a triangle, a polygon with four sides is called a quadrilateral, and so on.

Polygons can also be classified as either convex or concave. A convex polygon has all its interior angles less than 180 degrees, meaning that all its corners point outwards. In contrast, a concave polygon has one or more interior angles greater than 180 degrees, which means that at least one of its corners points inwards.

The classification of a polygon by its number of sides and whether it is convex or concave can help us to identify and describe its properties and characteristics.

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Write the equation for each line

Answers

Answer:

y = -x

Step-by-step explanation:

We can use two points on the line to write the equation.

Using ( 0,0) and (2,-2), we can find the slope.

m = ( y2-y1)/(x2-x1)

    = ( -2-0)/(2-0)

    = -2/2

    = -1

The y intercept is 0.

y = mx+b where m is the slope and b is the y intercept.

y = -x+0

y = -x

Does anyone know this answer??

Answers

Answer:

d ≈ 546 m

Step-by-step explanation:

using the sine ratio in the right triangle

sin35° = [tex]\frac{opposite}{hypotenuse}[/tex] = [tex]\frac{313}{d}[/tex] ( multiply both sides by d )

d × sin35° = 313 ( divide both sides by sin35° )

d = [tex]\frac{313}{sin35}[/tex] ≈ 546 m ( to the nearest whole number )

Use the method of Lagrange multipliers to find the dimensions of the least expensive packing crate with a volume of 240 cubic feet when the material for the top costs $2 per square foot, the bottom is $3 per square foot and the sides are $1.50 per square foot.

Answers

Answer:

a hard one

Step-by-step explanation:

Baird Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail, Inc. Never-Fail is a multimillion-dollar company started by Wes Never immediately after he failed to finish his first accounting course. The company’s motto is “We Never-Fail to Deliver Your Package on Time.” When Never-Fail has more freight than it can deliver, it pays Baird to carry the excess. Baird contracts with independent pilots to fly its planes on a per-trip basis. Baird recently purchased an airplane that cost the company $4,940,000. The plane has an estimated useful life of 24,700,000 miles and a zero salvage value. During the first week in January, Baird flew two trips. The first trip was a round trip flight from Chicago to San Francisco, for which Baird paid $300 for the pilot and $250 for fuel. The second flight was a round trip from Chicago to New York. For this trip, it paid $250 for the pilot and $125 for fuel. The round trip between Chicago and San Francisco is approximately 4,900 miles and the round trip between Chicago and New York is 2,000 miles. Required Select if the costs mentioned below are direct or indirect. Determine the total cost of each trip.

Answers

Overall price equals direct and indirect costs, or $375 plus $397.96, or $772.96.

What is direct cost?

Direct costs are business expenses you can directly apply to producing a specific cost object, like a good or service. Cost objects are items that expenses are assigned to. Direct costs can be variable or fixed. Variable costs are expenses that change based on how many items you produce or how many services you offer. For example, you would spend more money producing 200 toys as opposed to 100 toys. Fixed costs are expenses that remain the same each month.

What is indirect cost?

Indirect costs are expenses that apply to more than one business activity. Unlike direct costs, you cannot assign indirect expenses to specific cost objects.

Like direct costs, indirect expenses can be either fixed (e.g., rent) or variable (e.g., utilities).

You can allocate indirect costs to determine how much you are spending on expenses compared to your sales. To do this, find the overhead rate, or indirect cost ratio.

Here is the overhead rate formula:

Overhead Rate = Overhead Costs / Sales

given

Costs :Chicago-San Francisco pilot compensation: Direct cost

Straight cost of fuel for a flight from Chicago to San Francisco

Chicago-New York pilot compensation: Direct cost

Gasoline costs for a travel from Chicago to New York: Straight price

aircraft price: indirect expense (as it is a capital expenditure)

Total expense for each journey:

Indirect costs for the Chicago-San Francisco journey are as follows: ($4,940,000 / 24,700,000 miles) x 4,900 miles = $986.99 Direct costs for the trip are as follows: $300 (pilot payment) + $250 (fuel cost) = $550Final price = Direct price + Indirect price, or $550 + $986.99, is $1,536.99.

For the Chicago-New York flight, the direct cost is $250 for the pilot and $125 for fuel, for a total of $375.

The indirect cost is $4,940,000 divided by 24,700,000 miles, or $397.96.

Overall price equals direct and indirect costs, or $375 plus $397.96, or $772.96.

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find the estimate and the exat case of the the following 23 books at $263. 64 each

Answers

Answer:

Estimate: $5,000.00

Actual: $6,063.72

Step-by-step explanation:

I would estimate by finding 20 x 250

I know that 10 x 250 would be 2500 and if I double that, I would get 5,000.

Helping in the name of Jesus.


Find
Midpoint
Slop
Distance
Line equation

Answers

Answer:

Step-by-step explanation:

midpoint [tex]=(\frac{x_1+x_2}{2} ,\frac{y_1+y_2}{2})[/tex]

               [tex]=(\frac{3+7}{2} ,\frac{1+5}{2})[/tex]

               [tex]=(5,3)[/tex]

slope [tex]=\frac{y_2-y_1}{x_2-x_1}[/tex]

          [tex]=\frac{5-1}{7-3}[/tex]

          [tex]=\frac{4}{4}[/tex]

         [tex]=1[/tex]

distance [tex]=\sqrt{(x_2-x_1)^2+(y_2-y_1)^2}[/tex]

               [tex]=\sqrt{(7-3)^2+(5-1)^2}[/tex]

               [tex]=\sqrt{4^2+4^2}[/tex]

                [tex]=\sqrt{16+16}[/tex]

               [tex]=\sqrt{32}[/tex]

              [tex]=\sqrt{16\times2}[/tex]

               [tex]=4\sqrt{2}[/tex]

Line equation:

            [tex]y-y_1=m(x-x_1)[/tex]      (this is the point- gradient form)

              [tex]y-1=1(x-3)[/tex]         (m=1 is slope, and I used point (3,1) for [tex](x_1,y_1)[/tex] )

              [tex]y-1=x-3[/tex]

                    [tex]y=x-2[/tex]      

Line equation is the correct answer

. A bread recipe calls for 3/4 cup rye flour, 2/4 cup wheat flour,
and ¾ cup white flour. How much flour is in the bread? Show
your work

Answers

Answer:

2 cups of flour

Step-by-step explanation:

We want to find the total amount of flour, which means we need to add.

3/4 + 2/4 + 3/4 =

8/4

We can simplify this term.

8/4 =2

2 cups of flour

Answer:

2 cups of flour

Step-by-step explanation:

A bread recipe has,

3/4 cup of rye flour

2/4 cup of wheat flour

3/4 cup of white flour

So, to find the total amount of flour, add all the given fractions together.

[tex]\sf Total\: amount\: of\: flour = rye \:flour + wheat\: flour + white \:flour\\\\\sf Total\: amount\: of\: flour =\frac{3}{4} +\frac{2}{4} +\frac{3}{4} \\\\\sf Total\: amount\: of\: flour =\frac{3+2+3}{4} \\\\\sf Total\: amount\: of\: flour =\frac{8}{4} \\\\\sf Total\: amount\: of\: flour =2 \:cups[/tex]

Which expression is equivalent to g/2h

Answers

Answer:g/2h

Step-by-step explanation:

g/2h   x   g/2h=  g/2h

What are the coordinates of the terminal point determined by t = 10pi/3 ?

Answers

The correct option is- A: (-1/2 , -√3/2) are the coordinates found using the terminal points t = 10pi/3.

Explain about the terminal points?

On the unit circle, the terminal point. To find any terminal point on the unit circle which start at (1, 0), and determine the angle in degree or radian on the circle that travel counter clockwise whereas if angle is positive as well as clockwise if the angle is negative. The terminal point is the coordinate of the endpoint.

Given values:

t = 10pi/3

convert to degrees

t = 10*pi/3

t = 10*180/3

t = 600 degrees

Find quadrant of 600 degrees.

600 = 360+240

240 comes in III quadrant

Thus,  x-coordinate and y-coordinate are negative

Now,

240° = 180°+ 60°

60° is the angle for which terminal point are to be find.

Let ∅=60°

Consider unit circle

radius r = 1 units

Then,

x = -r*cos ∅

x = -cos 60

x = -(1/2)

And,

y = -r*sin ∅

y = -sin 60

y = -(√3)/2

Thus, the coordinates of the terminal point are found as  (-1/2 , -√3/2) by

t = 10pi/3.

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Pls help!!! show work! ​

Answers

Using trigonometric ratio and each angle of elevation, the height of the trees are 19 yards and 15 yards

What is the height of the tree?

In the given figure, the angle of elevation from the given point are of equal distance between both trees.

distance = 55

distance from one point of the tree = 55/2 = 27.5

using trigonometric ratio;

tan 34 = x / 27.5

x = 27.5 * tan 34

x = 18.5

x≅19 yards

taking the second tree;

tan29 = y / 27.5

y = 27.5 * tan 29

y = 15 yards

the height of the trees are 19 yards and 15 yards

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If t=22, what is √t+14

Answers

The expression √t+14 will be equal to 6.

What exactly are expressions?

In computer programming, an expression is a combination of one or more constants, variables, operators, and functions that are interpreted and evaluated by the computer to produce a value.

Expressions can be simple, such as a single variable or constant, or they can be more complex, involving multiple operators and functions.

For example, in the expression "2 + 3 * 4", the operators "+" and "*" are used to perform arithmetic operations, and the constants "2", "3", and "4" are operands that are used in those operations.

Now,

If t=22, then

√t+14 = √(22+14) = √36 = 6

Therefore,

      the value of expression √t+14 is  6.

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What is the surface area of the cylinder with height 6 m and radius 4 m? Round your answer to the nearest thousandth.​

Answers

Step-by-step explanation:

Right cylinder

Solve for surface area

A≈251.33m²

r Radius

4

m

h Height

6

m

Solution

A=2πrh+2πr2=2·π·4·6+2·π·42≈251.32741m²

Answer:

I think 251.33m² is your answer

Step-by-step explanation:

PLEASE HELP ASAP Jessie had 1/4 of a watermelon. She cut it into 6 equal pieces to share with friends. What fraction of the whole watermelon did they each get? Responses A 32 3 2 B 64 6 4 C 124 1 24 D 424

Answers

Answer:

Its d ik becuse im smart and i lernt this in like 2nd grade

Answer: 1/24

Step-by-step explanation:

Multiply the denominator with 6 to divide it into 6 equal parts

= 1/(4•6)

= 1/24

For a negatively skewed distribution, the mean is the smallest of the three measures of central tendency because it is
being pulled down by the small observations or possible outliers.

Answer options

True
False

Answers

It is a false statement that for a negatively skewed distribution, the mean is the smallest of the three measures of central tendency because it is being pulled down by the small observations or possible outliers.

Why is the statement about the mean false?

For a negatively skewed distribution, the mean is typically pulled towards the tail of the distribution with smaller values, but this does not necessarily mean that it is always the smallest of the three measures of central tendency.

The mode is the measure of central tendency that occurs most frequently in a dataset, and it may be smaller or larger than the mean depending on the shape of the distribution. The median is the middle value in a dataset, and it may also be smaller or larger than the mean depending on the shape of the distribution.

Therefore, the statement "For a negatively skewed distribution, the mean is the smallest of the three measures of central tendency" is not always true.

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Use the piecewise function to answer the following questions. (NEED HELP ASAP)

Answers

a) To find f(-2), first determine which part of the piecewise function the x-value of -2 falls into.

b) f(5) can be computed -1.5

c) In f(x) = -7/2, x = -3.

What is piecewise function?

A type of function that is defined by multiple sub-functions, each of which is applied to a specific interval or domain of the main function. It is made up of individual pieces, each of which is defined by an equation with a specific domain.

a) To find f(-2), first determine which part of the piecewise function the x-value of -2 falls into. Since -2 is greater than -6 and less than 0, the first part of the piecewise function applies. Thus, f(-2) can be computed as follows:

f(-2) = 1/2(-2) - 2

= -3

b) To find f(5), first determine which part of the piecewise function the x-value of 5 falls into. Since 5 is greater than 0 and less than or equal to 8, the second part of the piecewise function applies. Thus, f(5) can be computed as follows:

f(5) = 1/2(5) - 4

= -1.5

c) To find x when f(x) = -7/2, first determine which part of the piecewise function applies. Since -7/2 is less than 0, the first part of the piecewise function applies. Thus, x can be computed as follows:

-7/2 = 1/2x - 2

x = -4+7

= -3

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Solve for [tex]y[/tex] as a function of [tex]x[/tex]:

[tex]y^\prime-xe^y=2e^y[/tex] and [tex]y(0)=0[/tex]

Answers

[tex]y=-ln(-\frac{x^2}{2}-2x+1)[/tex]

see images for steps.

ask for explanation.

hope this helps,

jeron

:)

takeaways:

remember that y' is dy/dx


separable differentiation  (when you get the side with y with its dy and the side with x with its dx... only possible when multiplying or dividing NO ADDITION OR SUBTRACTION)


key terms:

separable differentiation  (when you get the side with y with its dy and the side with x with its dx... only possible when multiplying or dividing NO ADDITION OR SUBTRACTION)
initial condition   (a point on the graph of y)
general solution (involves the +c)
particular solution (you used initial condition to find the c)

189=-6x+3(-7x-18) what is x

Answers

Answer:

x = -9

Step-by-step explanation:

To solve for x in this equation, we first need to simplify the right-hand side by distributing the 3:

189 = -6x + (-21x - 54)

Next, we can combine like terms on the right-hand side:

189 = -27x - 54

Adding 54 to both sides:

243 = -27x

Dividing both sides by -27:

x = -9

Therefore, the solution to the equation 189=-6x+3(-7x-18) is x = -9.

Answer:

To solve for x in the equation 189=-6x+3(-7x-18), we can use the following steps:

Distribute the 3 to the terms inside the parentheses:

189 = -6x + (-21x - 54)

Combine like terms on the right side of the equation:

189 = -27x - 54

Add 54 to both sides of the equation:

189 + 54 = -27x

Simplify the left side of the equation:

243 = -27x

Divide both sides by -27:

x = -9

Therefore, x is equal to -9.

Hope This Helps!

Please help i’m not smart

Answers

You definitely are smart!

An equivalent ratio is a fraction that has the same value as another fraction, just simplified!

You obtain equivalent rations by multiplying with a common multiple across the top and bottom.

Lets start with 1/9 and use a multiple of 2.

Multiply 2 across the top number:

2 • 1 = 2

Now across the bottom:

2 • 9 = 18

Now combine:

2/18

2/18 is an equivalent ration o 1/9!

Now for 5/6, lets use a multiple of 5.

Across the top:

5 • 5 = 25

Across the bottom:

5 • 6 = 30

Now combine:

25/30

25/30 is an equivalent ratio to 5/6.

You can double check this by dividing by the same multiple you used across the top and bottom and seeing if you get the original fraction, and you should!

Hope this helps!

pls help, 50 points for answer!!! (statistics)

Answers

Answer:

Step-by-step explanation:

just listen to your teacher and you will be good at subjects

2. Kaden has 105 tickets to give away. He
gives 5 tickets to each person who asks
for tickets. He records the number of
tickets he has left by subtracting 5 from
the previous total. How many times can
Kaden give away 5 tickets?
A. 110
B. 100
C. 21
D. 15

Answers

Answer: C. 21

Step-by-step explanation:

= 105/5

= 21

Answer:

c

Step-by-step explanation:

105/5

=21

so the answer is 21

OV is a radius of circle O. VW is tangent to circle O at point V, VW = 8, and OW = 10.
What is the length of OV?
A 2
B 6
C 16
D 36

Answers

Since VW is tangent to circle O at point V, OV is perpendicular to VW. Therefore, we can use the Pythagorean theorem to find OV.

We know that OW = 10 and VW = 8. Let x be the length of OV.

By the Pythagorean theorem:

OV^2 + WV^2 = OW^2

x^2 + 8^2 = 10^2

x^2 + 64 = 100

x^2 = 36

x = 6

Therefore, the length of OV is 6, and the answer is B.

I need help with this math problem. It’s from the course “Apply Math”.

Answers

Therefore , the solution of the given problem of probability comes out to be there is a 0.66 percent chance that an arbitrarily chosen student will be either male or left-handed.

What precisely is probability?

Each of the procedure's criteria-based methods have as their main objective determining the likelihood that a statement is accurate or that an event will take place. Any number from zero to one, where 0 typically represents percentage and 1 typically reflects degree of certainty, can be used to symbolize chance. A probability illustration shows the likelihood that a particular occurrence will occur.

Here,

A student's likelihood of being masculine is 0.6, and their likelihood of being left-handed is 0.1. It is stated that there is a 0.04 percent chance that a pupil is both male and left-handed.

Using the formula for the probability of the union of two events, we can determine the likelihood that an arbitrarily chosen student is either male or left-handed:

=> P(left-handed or male) = P(male) - P(left-handed)(male and left-handed)

Inputting the numbers provided yields:

=> Male or left-handed P(male) = 0.6 + 0.1 - 0.04 P(male) = 0.66

Therefore, there is a 0.66 percent chance that an arbitrarily chosen student will be either male or left-handed.

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PLEASE HELP!!!!!!!!!

△STU is reflected across the y-axis

What are the signs of the coordinates of △S’T’U’?

PLEASE LOOK AT THE PICTURE!!!!!!!!!!!!!!!

Answers

Negative x- coordinates, Negative y- coordinates. So correct option is D.

Describe Quadrant?

In geometry, a coordinate plane is divided into four parts by two perpendicular number lines called the x-axis and y-axis. Each of these four parts is called a quadrant. Quadrants are numbered in a counterclockwise direction, starting from the upper right quadrant, which is known as the first quadrant, and continuing through the other three quadrants in order. Each quadrant is defined by a positive and negative value for both the x and y coordinates. The first quadrant, for example, has both positive x and y coordinates. The second quadrant has negative x coordinates and positive y coordinates. The third quadrant has both negative x and y coordinates, while the fourth quadrant has positive x coordinates and negative y coordinates.

Quadrants are commonly used to locate points on a coordinate plane. For example, if a point has a positive x-coordinate and a positive y-coordinate, it would be located in the first quadrant. Conversely, if a point has a negative x-coordinate and a negative y-coordinate, it would be located in the third quadrant.

Quadrants are also used to describe the signs of trigonometric functions. In the first quadrant, all trigonometric functions are positive, while in the second quadrant, only the sine function is positive. In the third quadrant, only the tangent function is positive, and in the fourth quadrant, only the cosine function is positive.

In the mentioned quadrant both x and y coordinates are negative.

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The complete question is:

Rewrite each equation without absolute value for the given conditions.
y = |x-3| + |x +2|-|x - 5| if 3

Answers

The equation obtained without the absolute value for given function

y = |x-3| + |x +2|-|x - 5| is y = 2.

Explain about the absolute value?

Without taking into account direction, absolute value describes how far a number is from zero on the number line. A number's absolute value can never be negative. Have a look at these samples.

5 is the sum of its absolute values. There are 5 units between 5 and 0.5 is -5's absolute value. There are 5 units between -5 and 0.2 + (-7) equals 5 in absolute terms. The resultant point on a number line is 5 units away from zero when depicting the addition.

The given equation:

y = |x-3| + |x +2|-|x - 5|

For x = 3

y = |3-3| + |3+2|-|3 - 5|

y = 0 + |5| - |-3|

Without absolute values:

y = 5 - 3

y = 2

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Riley is going to invest $74,000 and leave it in an account for 10 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Riley to end up with $102,000?

Answers

For the interest is compounded daily, the interest rate required for for Riley to make the amount $102,000 is 32.85%.

Explain about the daily compounding?

Compound interest is computed as interest on the whole of the initial investment or loan amount plus any prior interest. Compound interest grows a sum more quickly than simple interest because it creates "interest on interest".

Compounding builds interest on a loan's outstanding principle as well as any interest that was accrued but not paid during the preceding compounding period. Compound interest can cause loan levels to increase, which can occasionally put debtors in danger.

The formula for the daily compounding:

A = P [tex](1 + r/n)^{nt}[/tex]

A is the amount after compounding =  $102,000

P is the principal =  $74,000

t is the time = 10 years.

r is the rate of interest

n is the number of time compounded = 365 days.

Put the values:

102,000 = 74,000 [tex](1 + r/365)^{365*10}[/tex]

102,000/74,000 =  [tex](1 + r/365)^{3650}[/tex]

1.37 = [tex](1 + r/365)^{3650}[/tex]

[tex]1.37^{1/3650}[/tex] = [tex](1 + r/365)[/tex]

1.00009 =  [tex](1 + r/365)[/tex]

1.00009 - 1.0 = r/365

0.0009 = r/365

r = 0.0009*365

r = 0.3285

r = 32.85%

Thus, for the interest is compounded daily, the interest rate required for for Riley to make the amount $102,000 is 32.85%.

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