The APR of Vinny's savings account is 3.5%, but interest is compounded only once a year. What is the APY of Vinny's savings acco
2 answers:
We've established that Vinny's savings account has an APR of 3.5%, with interest compounded just once yearly. We need to determine the Annual Percentage Yield of the account.
To resolve this, we'll apply the APY formula to our issue.
, where,
r = annual percentage rate expressed as a decimal,[ [TAG_9]]
n = number of compounding periods in a year.
Given that the interest is compounded yearly, we have .
When we change 0.035 to a percentage, we obtain %.
Thus, the APY for Vinny's savings account is 3.5%.
You might be interested in
Answer:
(1, 1), (2, 2.333) and (3, 3.666).
Step-by-step explanation:
To solve this equation, we can select various values for x and then compute the corresponding y values.
<pFor instance, when x = 1, we find:4*1 - 3y = 1
3y = 3
y = 1
When x = 2, we discover:
4*2 - 3y = 1
3y = 7
y = 2.333
Then for x = 3, we have:
4*3 - 3y = 1
3y = 11
y = 3.666
Therefore, the coordinates we will plot are (1, 1), (2, 2.333), and (3, 3.666).
Refer to the attached image for the plot.
Answer:
The anticipated number of tests required to identify 680 acceptable circuits is 907.
Step-by-step explanation:
For any circuit, there are two potential results: it either passes the test or it fails. The likelihood of passing is independent between circuits. Therefore, we apply the binomial probability distribution to address this scenario.
Binomial probability distribution
This distribution calculates the chance of obtaining exactly x successes across n trials, where x has only two possible outcomes.
To find the expected number of trials to achieve r successes with a probability p, the formula is given by:
Circuits from a specific factory pass a certain quality evaluation with a probability of 0.75.
Thus, to determine the expected number of tests needed for 680 acceptable circuits, let’s denote this as E where r = 680.
The expected number of tests necessary to find 680 acceptable circuits is 907.