Provide an Appropriate Response

question 10

Multiple Choice

Provide an appropriate response.
-Find the amount by which the interest compounded annually is larger than the simple interest.
Round to the nearest cent. Use the formula to find the compound amount.
Principal: $6,260 Rate: 6% Years: 18

• A)$4,847.36
• B)$11,107.36
• C)$4,211.56
• D)$4,346.56

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Definitions:

Proportion

A statistical measure indicating the fraction of a whole that is made up by a certain characteristic or subset.

Negatively Skewed

Refers to a distribution or data set where the tail is longer on the left side of the distribution's peak, indicating that the mass of the distribution is concentrated on the right.

Histogram

A graphical representation of the distribution of numerical data, using bars of different heights.

Representative

Term used to describe a subset or a sample that accurately reflects the larger population or dataset from which it is drawn.