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An investment firm with 10,000 clients would like to accurately forecast the average dollar amount their current customers will deposit over the coming year. They decide to telephone a random selection of 25 of their customers to ask how much they plan to deposit, and they would like to keep this sample as small as possible so the calls do not annoy too many customers. Since they will be multiplying this average by the total number of customers to get an overall forecast, they would like to accurately estimate this average with a margin of error of less than $4000. Last year the average deposit for all 10,000 clients was $25,000 with a standard deviation of $30,000. Do you think a small sample of 25 is enough to give them the margin of error they want? If not, how large a sample do you suggest they need to take? Justify your answer with relevant calculations.
You want to estimate today's mean temperature, so you make a series of measurements (taken as a sample) throughout the day. The mean of these measurements is 63 degrees Fahrenheit, and their standard deviation is 3.4 degrees Fahrenheit.
Critically illustrate out the term standard deviation. Define mathematical averages. Why is the standard deviation less than the mathematical average?
Would the Kruskal-Wallis be an appropriate statistical procedure to test this Research Question (RQ)? Please explain your answer.
You took the standard deviation of 4.5 minutes from a commuting friend and believe that that is the standard deviation for the area. Prepare a 95% confidence interval for the true average commuting time.
Find out the estimate of the population mean.The mean daily sales at the Stop and Go are $20,000 for a sample of 40 days. The standard deviation of the sample is $3,000.
Create a 95% confidence interval for the population mean days absent for sickness based on this sample. Select the answer closest to your results.
An aptitude test has a mean of 220 and standard deviation of 10. find the corresponding z score for:
Suppose that the average annual salary for a worker in the United States is $30,000 and that annual salaries for Americans are normally distributed with a standard deviation equal to $7,000. Determine the following:
Descriptive statistic results from quarterly sales figures over a 18 year period (73 qtr) are below. Please interpret the standard Deviation and Median in terms of sales results,
Sample data are reported for 50 employees of small companies, 75 employees of medium companies, and 100 employees of large companies.
Suppose a wildlife service wishes to estimate, with 99% confidence, the mean number of days of hunting per hunter for all licensed hunters in the state during a given season, with a bound on the error of estimation equal to 2 hunting days.
I want to establish if a new product is worth marketing. At least 85 percent of the public must express interest in the product and for those that do the average cost they are willing to pay must be at least $47.50.
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