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The mean annual inventory turnover rate of a random sample of 24 convenience stores was found to be 3.8 times per annum. Assume that the population standard deviation is 0.6 and that the annual inventory turnover rate amongst convenience stores is normally distributed.
(a) Calculate the actual average annual inventory turnover rate, with 90% confidence, for all convenience stores. (Use the z-table.) Interpret the result.
(b) Compute (a) using Excel's NORMSINV formula to find the z-value.
(c) Use Excel's CONFIDENCE formula to compute (a).
A magazine article stated that the average age of women who are getting married for the first time is 26 years. A researcher decided to test this hypothesis at α = .02. She selected a sample of 25 women who were recently married for the first time..
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