You Decide to $10,000 in a Bank Account

question 96

Multiple Choice

You decide to $10,000 in a bank account.If the value of your savings grows to $10,200 in one year's time,what is the interest rate on your savings?

• A)5%
• B)4%
• C)3%
• D)2%
• E)1%

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Definitions:

Sample Means

The average values derived from samples, considered as estimations of the population mean, crucial in the field of inferential statistics.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation indicates that the values are close to the mean.

Population

The complete set of items or individuals that are the objects of a statistical study.

Simple Random Sample

A subset of a larger population in which every member has an equal chance of being selected, ensuring the sample’s representativeness.