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The survey reported that 53% of the respondents lost 25% or more of their portfolio value over the past three years. Develop a 95% confidence interval for the proportion of wealthy people who lost 25% or more of their portfolio value over the past three years.
Enter your answer using parentheses and a comma, in the form (n1,n2). Do not use commas in your numerical answer (i.e. use 1200 instead of 1,200, etc.)
b. The survey reported that 31% of the respondents feel they have to save more for retirement to make up for what they lost. Develop a 95% confidence interval for the population proportion. Enter your answer using parentheses and a comma, in the form (n1,n2).
c. Five percent of the respondents gave $25,000 or more to charity over the previous year. Develop a 95% confidence interval for the proportion who gave $25,000 or more to charity. Enter your answer using parentheses and a comma, in the form (n1,n2).
Which combination of factors produces smallest risk of Type I error?
A sample of 81 account balances of a credit company showed an average balance of $1,200 with a sample standard deviation of $126. You want to determine if the mean of all account balances is significantly different from $1,250. Use a .05 level of ..
Provide an explanation of a chi-square test. Why would you use the chi-square statistic? What type of data is used with chi square analysis?
In each of the following cases, decide whether or not a binomial distribution is an appropriate model, and give your reasons.
The most important material reclaimed from beverage bottles is PET plastic. A serious impurity is aluminum, which later can clog the filters in extruders when the recycled material is used.
According to the National Association of Homebuilders, the average life expectancies of a dishwasher and a garbage disposal are about the same: 10 years.
A point estimate for a parameter is a single number designed to estimate a quantitative parameter of a population, usually the value of the corresponding sample statistic
At one excavation site 8641 pot shards have been found that not yet been cleaned and identified. What is the probability that:
The sample mean is 2.59 and the sample standard deviation is .66. Conduct the following test using 95% level of confidence.
Assuming that n = 6 for both samples, calculate each of the sample variances, then calculate the pooled variance. Because the samples are the same size, you should find that the pooled variance is exactly halfway between the two sample variances.
If you want to be 95% confidence of estmating the population mean to within a sampling error of +-4 and the standard deviation is assumed to be 10, what sample size is required?
A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the oth..
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