Calculate the future value of $51,123.21, earning interest at a rate of that is compounded daily for 20 years and 2 months (use the traditional banker’s rule of 30 days per month).

The compound interest formula is :

where, A= Future value including the interest,

P= Principle amount, r= rate of interest in decimal form,

t= number of years and n= number of compounding in a year

Here, in this problem P= $ 51,123.21 , t= 20 years and 2 months

So, t= 20 + (2/12) years

t= 20 + 0.17 = 20.17 years

As the amount is compounded daily, so n= (12×30)= 360 [Using the traditional Banker’s rule of 30 days per month]

Thus,

When the interest rate is given, then we can use this equation for finding the future value.

the data of the detroit pistons in numerical order from least to greatest is 0.30, 0.37, 0.55, 0.62, 0.69, 0.72, 0.73, 0.75, 0.77, 0.78, 0.80, 0.81, 0.81, 0.83, 0.84, 0.89

the data of the miami heat in numerical order from least to greatest is 0.50, 0.50, 0.56, 0.57, 0.67, 0.72, 0.72, 0.72, 0.75, 0.75, 0.76, 0.81, 0.82, 0.90, 1.00, 1.00

the detroit pistons median : 1.52

the miami heat median: 1.47

the iqr of this data is 0.05