Sampling model for the average amount

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Reference no: EM131008733

1. A sample of 40 games sold for the iPad has prices that have a distribution that is skewed to the high end with a mean of $3.48 and a standard deviation of $2.23. Teens who own iPads typically own about 20 games. Using the 68-95-99.7 Rule, draw and label an appropriate sampling model for the average amount a teen would spend per game if they had 20 games, assuming those games were a representative sample of available games.

2. Statistics for the closing price of the USAA Aggressive Growth Fund for the year 2009 indicate that the average closing price was $23.90, with a standard deviation of $3.00. Using the 68-95-99.7 Rule, draw and label an ap- propriate sampling model for the mean closing price of 36 days' closing prices selected at random. What (if any- thing) do you need to assume about the distribution of prices? Are those assumptions reasonable?

Reference no: EM131008733

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