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Good evening, I please need help with my homework. Thank you. $ VALUE ESTIMATION - DESIGN AND EVALUATION The following problems are based on the
Good evening, I please need help with my homework. Thank you.
$ VALUE ESTIMATION - DESIGN AND EVALUATION The following problems are based on the material in the VARIABLES ESTIMATION IN EQUAL PROBABILITY SAMPLES folder. 1. An equal probability random sample of 432 items was selected from a population of 11,487 items. The average value of the sample was $127.09, and its standard deviation was $42.08. Calculate the 99% confidence interval. 2. An equal probability random sample of 110 items was selected from a population of 5,230 items. The sample disclosed six misstated items, and 104 items with $0.00 misstatement. The amounts of the misstatements are as follows: Misstatement $ 235.30 (147.33) 24.35 101.21 ( 18.04) 92.55 $ 288.04 net overstatement Calculate the 95% two-sided confidence interval on the total misstatement in the population. [Hint: Do not ignore the items with $0 misstatement] 3. If a population has a total value of $5,724,300, a standard deviation of $840, and a population size of 15,000 items, what is the probability that a simple random sample of 1,500 items will yield an estimate of the population's total value that is within 10% of the actual total value? 4. If a population has 94,000 items and an estimated standard deviation of $235, how large a sample would be required to estimate the population's total value to within $2,000,000 of its value? Assume a 90% two-sided confidence levelStep by Step Solution
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