Frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year. how much money will frank have in his account in 3 years?

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Ответ:

Amholloway13

18.03.2023

Mathematics

The correct option is d. 3%

Explanation:

We are given:

$p=0.64, n=800,\alpha=0.05(assumed)$

The margin of error is given below:

$ME=z_{\frac{0.05}{2} }\sqrt{\frac{p(1-p)}{n} }$

Where:

$z_{\frac{0.05}{2}}=1.96$ is the critical value at 0.05 significance level.

$\therefore ME=1.96\sqrt{\frac{0.64(1-0.64)}{800} }$

$=1.96 \times 0.016970563$

$=0.0333 \approx 0.03$

$=3\%$

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