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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.
Estimating the individual score using normal distribution and find the minimum SAT score needed to be accepted?
For a two-tailed test of hypothesis (.01 significance level) to determine if there is a difference in the population means, the degrees of freedom are
If the sample standard deviation of the sample was $630 also the sample size was 50. Findout the 90% confidence interval of true mean.
To estimate the true proportion of students who abstain from alcohol at LBCC, you will need to take a simple random sample.
What is the probability that a randomly selected monthly cell phone bill is more than $100?
Basic Statistics problem
In optimal solution, determinethe critical path?
Misery loves company. It is time for the PE (professional engineer's exam). The results of the national test were normally distributed around the mean score of 70.
Develop a 99% confidence interval for the population proportion.
The scores of the GRE exam are transformed so they have a mean of 500 and standard deviation of 100. The scores are known to be normally distributed. What is the percentage of students that score below 750?
Of the nine members of the board of trustees of a college, five agree with president on a certain issue. The president selects three trustees at random and asks for their opinions. What is the probability that at least two of them would agree with..
Calculate the Measures of Center and Measures of Variation for the following data set representing the chest size of 20 bears in inches.
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