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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.
Carry out the suitable calculations to test for effect modification. Interpret your results.
The statistical technique used in the regression analysis. The sum of squares is a mathematical approach to determining the dispersion of the data points.
Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales.
The error between the sample mean and the population mean for a sample of n = 16 is 5 points and the error between a sample mean and population mean for a sample of n = 100 is 2 points. Explain the difference in the standard error for the two samp..
A quality control engineer wants to check if a particular product meets the specification of 90% of the entire product shipped is in perfect condition. He randomly selects a sample of 10 items of the product from a large lot ready to be shipped.
The mean number of cargo ships that arrive at a port is 3 per day. The port has staff and facilities to handle up to 6 ships in a day. Using the Poisson distribution, find the probability that, on a given day,
Determine the distributions given below represent a probability distribution. Justify your answer.
Find the probability that a women develops breast cancer given that she has a family history of breast cancer._____________
The Bureau of Labor Statistics says that baggage handlers, trash haulers, and coal miners are among the occupations having the highest risk of the debilitating injury or illness. For coal miners working over the course of a year, 3.60 injuries per..
a) Do a test to see if workers attitudes on this matter have changed using a 90% alpha. b) Explain to management what your findings are and what this suggests about future decisions vs work options.
the population mean of monthly wages of all college graduates under age of 30. Interpret your answer in the context of the problem.
Consider the experiment of throwing an ideal die three times(all outcomes are equally likely). Let X and M denote the mean and the median respectively, of the three scores obtained.
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