Sample needed to find the population mean

Assignment Help Basic Statistics
Reference no: EM1321807

To develop a 90 percent confidence interval for the population mean.

Families USA, a monthly magazine that discusses issues related to health and health costs, surveyed 20 of its subscribers. It found that the annual health insurance premiums for a family with coverage through an employer averaged $10,979. The standard deviation of the sample was $1,000.

a. Based on this sample information, develop a 90 percent confidence interval for the population mean yearly premium.

b. How large a sample is needed to find the population mean within $250 at 99 percent confidence?

Reference no: EM1321807

Questions Cloud

Mean time for a game using level of significance : Can we conclude that the mean time for a game is less than 3.50 hours? Use the .05 significance level.
Approximating probability using standard deviation of sample : Sample of size 26 was taken from normal population with standard deviation 1.697. Approximate the probability that standard deviation of sample is greater than 1.23.
Analyze the data using graphical representations : Analyze the data using graphical representations & numerical summaries.
Social responsibilities of pharmaceutical companies : What social responsibilities do pharmaceutical companies have that differs from other types of companies? Who are the primary stakeholders a pharmaceutical company has and how do you think they are prioritized?
Sample needed to find the population mean : How large a sample is needed to find the population mean within $250 at 99 percent confidence?
Visual logic assignment : Write down a program having a procedure that draws a shape of your choice. The program must call the procedure 10 times in order to draw the shape at 10 random locations.
Prepare the journal entry to transfer the cost of job : Prepare the journal entry to transfer the cost of job #JK150 out of the work-in-process account at the end of November, What was the under-or over recovered overhead for the year?
Supporting company-s claim using result : You have been asked to test whether data support company's claim? Test at α = 0.05. Suppose normality.
Prepare detailed agenda for meeting participants : You would need the store manager's approval to do this, but you decide to get your co-workers on board first. Prepare a detailed agenda to send to the other meeting participants.

Reviews

Write a Review

 

Basic Statistics Questions & Answers

  Conclusion of difference in means

Can we conclude a difference in means? YES   or NO (circle one)

  Level of significance for the test

Test to see if the mean cell phone bill has changed since 2004. Use a .05 level of significance for the test.

  Probability related to subset

How many subsets of  S  contain either the number 6 or the number 15?

  Confidence interval for true population proportion

Construct the 90% confidence interval for the true population proportion of all voters in the state who favor approval.

  Urrent policy having an effect on smog in the results

As we can say there is 5.5 percent chance of seeing the current policy having an effect on smog in the results we observed from natural sampling variation.

  Calculating mean and ss for sample of difference scores

Calculate mean and SS for sample of difference scores.

  Recognizing independent variable and dependent variable

Recognize independent variable and dependent variable for this experiment. Think in your head what influences what? Or, what causes what? Cause is independent variable.

  The subsiquent cost tree illustrate the expected outcome

Find out the Expected value of the perfect information for the given problem. Given the subsiquent cost tree, illustrate what is the expected outcome.

  Expected profit-expected loss and required probability

What is the probability that Sara will die in her 60 th  year? Using this probability and the $50,000 death benefit, what is the expected loss to Big Rock Insurance?

  Measures of variation and measures of center for given data

Following sample data shows the weekly closing price of ABC stock.  Compute the sample mean and variance from this data set.

  Ninety percent confidence interval for population proportion

Develop a 99% confidence interval for the population proportion.

  Compute a 95% confidence interval for the mean

Compute a 95% confidence interval for the mean using the formula and where is the mean of the ten random numbers.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd