A bank features a savings account that has an annual interest rate of r = 3% with interest compounded semi- annually. Monique deposits $5,500 into the account. The account balance can be modeled by the exponential nt formula A(t) = P(1+ –) where A is the future n value, P is the principal, r is the annual interest rate, n is the number of times each year that the interest is compounded, and t is the time (in years). 1) What values should be used for P, r, and n? P r = п — 2) How much money will Monique have in the account in 8 years? Monique will have $ in the account in 8 years.
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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