BADM 216 Homework 4 Please solve the following questions related to Chapter 8 and 9: 1. A random sample of 121 checking accounts at a bank showed an average daily balance of $280. The standard deviation of the population is known to be $66. Please answer the following questions: (a)Find the standard error of the mean. (b Give a point estimate of the population mean. ) (c)Construct a 90% confidence interval estimates for the mean. [Hint: Please see Chap008 - Slides 5 -17 for formula and example. Please also see page 337-341 in the textbook.] 2. The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2009 was $110,000. Dr. Smith thinks there has been a significant increase in the average yearly income of dentists. He has a dataset of a sample of 81 dentists, which was taken in 2010, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists in 2010 is $36,000. Please answer the following questions: (a Develop appropriate null and alternative hypotheses such ) that rejection of H0 will support Dr. Smith's argument. (b Compute the test statistic. ) (c Determine the p-value; and at 95% confidence, test the ) hypotheses. [Hint: This is an One-tailed Hypothesis Testing. Please see Chap009 - Slides 17-30 for detailed explanation. Please also see page 383-389 in the textbook.] 3. A sample of 64 account balances from a credit company showed an average daily balance of $1,040. The standard deviation of the population is known to be $200. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,000. Questi Using the p-value approach at 95% confidence, test the on: above hypotheses. [Hint: This is a Two-tailed Hypothesis Testing. Please see Chap009 - Slides 31-41 for detailed explanation. Please also see page 389-393 in the textbook.] Please type your answer and the steps of computation in a Word file. (Please DO NOT just write the answer. Show the steps that you solve the problems. Partial credit will be given based on your computation steps.) Please save the file as \"BADM216 Hw4_Your First Name_Your Last Name.docx\" and submit through Canvas. Due Date: December 4th, 2016, Sunday, 11:00PM