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An investment firm with 10,000 clients would like to accurately forecast the average dollar amount their current customers will deposit over the coming year. They decide to telephone a random selection of 25 of their customers to ask how much they plan to deposit, and they would like to keep this sample as small as possible so the calls do not annoy too many customers. Since they will be multiplying this average by the total number of customers to get an overall forecast, they would like to accurately estimate this average with a margin of error of less than $4000. Last year the average deposit for all 10,000 clients was $25,000 with a standard deviation of $30,000. Do you think a small sample of 25 is enough to give them the margin of error they want? If not, how large a sample do you suggest they need to take? Justify your answer with relevant calculations.
Determine what analysis would you do on each problem (i.e., one-sample z-test, one-sample t-test, proportion test, two-sample independent t-test, or paired test)?
The cost of one serving of peanut butter ( in cents) for a random sample of 19 jars of peanut butter was found to be:
Find the probability that a randomly selected teacher earns and what sample size is necessary to double the standard error of the mean and what sample size is needed to cut the standard error of the mean in half?
Calculate the population mean and compare it to the mean of the sampling distribution.
Researchers are studying the absorption of two drugs into the bloodstream. Each drug is to be injected at three dosages. There are 24 people in the study, and they are randomly divided into six groups.
Survey of 16 tax returns reports families with incomes between $75,000 and 100,000 have on average $8,562 in Standard Deductions with the standard deviation of $1,800.
Madison Metals recently reported $9,000 of sales, $6,000 of operating costs other than depreciation, and $1,500 of depreciation. The company had no amortization charges and no non-operating income.
The display represents Excel output for an ANOVA analysis with σ = 0.05.
Assume that the class has 60 students and that the examination period is 90 minutes in length. How many students do you expect will be unable to complete the exam in the allotted time.
Use either Linear Programming module or Transportation module of Cd to minimize the shipping costs involved in move.
Using decision tree analysis, decide whether Jay must proceed with his law suit against manufacturer.
The mean and the standard deviation of a sample of 100 bank customer waiting times are 5.46 and 2.475 minutes, respectively. a) Assuming the distribution is bell-shaped, calculate the waiting time intervals containing 68% and 95% of bank customer w..
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