Established that the median annual income of families

Assignment Help Basic Statistics

Reference no: EM13901858

A financial institution has decided to open an office in a certain community if it can be established that the median annual income of families in the community is greater than $90,000. To obtain information, a random sample of 80 families was chosen, and the family incomes determined. If 28 of these families had annual incomes below and 52 had annual incomes above $90,000, is this significant enough to establish, say, at the 5 percent level of significance, that the median annual income in the community is greater than $90,000?

Reference no: EM13901858

Questions Cloud

How much interest expense results : Keesha Co. borrows $ 200,000 cash on November 1, 2013, by signing a 90 day, 9% note with a face value of $ 200,000.

Discuss with the class the many group dynamics : Discuss with the class the many group dynamics that you have experienced during the course. What have you learned about working with online groups? Did you find areas that were hard to complete in the online environment? Why do you think that an onli..

Making plans for summer vacation : Jane Chang is making plans for a summer vacation. She will take $1,000 with her in the form of traveler’s checks. From the newspaper, she finds that if she purchases the checks by May 31, she will not have to pay a service charge.

Which part of the human brain is the centre of memory : 11.Which part of the human brain is the centre of memory, learning, thinking and reasoning? [A]Cerebrum [B]Hypophysis [C]Cerebellum [D]Medulla

Established that the median annual income of families : A financial institution has decided to open an office in a certain commu- nity if it can be established that the median annual income of families in the community is greater than $90,000. To obtain information, a random sample of 80 families was ..

Offered new piece of equipment : Assume that you are offered a new piece of equipment for $10,000. The equipment will produce 10,000 units per year with a margin of $6.00 per unit. Demand for the product being produced has been 2,000 units per year.

About the united states constitution : When we talk about the United States Constitution. Would the Bill of Rights, the first ten amendments to the Constitution, be part of the constitution if it were introduced today? Discuss briefly. Provide references.

Most important in determining beer purchasing decisions : What attributes are most important in determining beer purchasing decisions? How does this vary by market segments?

How many units will he need to sell to breakeven : Jay White sells handmade decorations. He had to purchase specialized equipment for $4000 and buy a retail license for $1000. It cost Jay $125 in time and materials to make each item. He expects to sell each decoration for $150. How many units will he..

User Account

All Pages