Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me better understand with detailed explanations and excel functions and graphs if applicable. Thank you! Problem-6 The mean annual cost of automobile insurance

Please help me better understand with detailed explanations and excel functions and graphs if applicable. Thank you!

Problem-6

The mean annual cost of automobile insurance is $939. Assume that the standard deviation is $245.

a) What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400?

b) What is the advantage of a larger sample size when attempting to estimate the population mean?

Problem-7

A soft drink machine is regulated so that the amount of drink it dispenses follows a normal distribution with a known standard deviation of the drinks dispensed of 20 milliliters. A random sample of 30 drinks from the machine had an average volume of 373 milliliters. Determine a 95% confidence interval for the average amount of all drinks dispensed by this machine.

Problem-8

A Human Resources Manager is interested in finding the average compensation for financial analysts. Through market research she obtained compensation information for a sample of 57 financial planners Summary statistics for the sample data is as follows: mean = $52,746 and standard deviation = $9,528. Calculate a 95% confidence interval for the mean compensation for the population of financial analysts under study

Problem-9

A random sample of 200 consoles were examined for a scratch defect. Of the 200 samples, 22 were found to have the defect. Find a 95% confidence interval for the population proportion of consoles with this scratch defect.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra And Number Theory An Integrated Approach

Authors: Martyn R Dixon, Leonid A Kurdachenko, Igor Ya Subbotin

1st Edition

0470640537, 9780470640531

More Books

Students also viewed these Mathematics questions

Question

5. How quickly can we manage to collect the information?

Answered: 1 week ago

Question

3. Tactical/strategic information.

Answered: 1 week ago

Question

3. To retrieve information from memory.

Answered: 1 week ago