You deposit $1,000 for 4 years at an interest rate of 2.0%. If the interest is compounded annually, how much money do you have after 4 years?
1000(1+.02)^4 = 1082.43
Ill be concise:60% of people in survey had income greater than 25k, 40% under 25k. Further, same survey, 70% have exactly 2 cars, while 30% have a different number than 2. The probability that the residents own 2 cars IF income is over 25k is 80%.
what is the probability of a household have exactly 2 cars AND an income UNDER 25k?
i get the answer 28%. the right answer is 22%.
I don't know how to incorporate the last 80% chance bit of the setup part. please help
To calculate the amount of money you will have after 4 years with a compound interest rate, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A is the future value of the investment
P is the principal amount (initial deposit)
r is the annual interest rate (expressed as a decimal)
n is the number of times the interest is compounded per year
t is the number of years
In this case, you deposited $1,000, the interest rate is 2.0%, compounded annually, and the investment period is 4 years.
Plugging these values into the formula, we have:
A = 1000(1 + 0.02/1)^(1*4)
Simplifying,
A = 1000(1.02)^4
Calculating,
A = 1000(1.082432)
A ≈ $1,082.43
After 4 years, you will have approximately $1,082.43.