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An investment firm with 10,000 clients would like to accurately forecast the average dollar amount their current customer 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 deposit for all 10,000 clients error less than $4,000. Last year the average deposit for all 10,000 clients was $25,000 with a standard deviation of $30,000. Do you think a 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.
If the value of the standard normal random variable Z is positive, then the original score is where in relationship to the mean?
What is the probability that the mean weight for a sample of 40 trout exceeds 405.5 grams?
The reason why we finish our calculation by dividing range by 4 is that in most data sets 95% of the data values fall within two standard deviations of the mean.
Calculate a standard error for the sample mean production rate for the new method and what is the standard error of the $1600 estimate?
What measure of central tendency is most sensitive to skewness and which is least sensitive? What are measures of central tendency used for? What are measures of dispersion used for?
Solve the equations using linear algebra
The mean number of passengers per cruise is 1,820 and the standard deviation is 120.
Describe the independent variable and the dependent variables?
A class has 13 women and 18 men. If student if selected randomly, determine the probability student is a woman?
A certain airplane has two independent alternators to provide electrical power.
A medical doctor wishes to test the claim that the standard deviation of the systolic blood pressure of deep sea divers is less than 450. To do so, she selected a random sample of 20 divers and found s = 432.
The Martin Company is in the process of planning for new production facilities and developing a more efficient distribution system design. At present, it has one plant at St.Louis with a capacity of 30000 units.
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