Explain trade-offs will occur when lower the sample

Assignment Help Basic Statistics

Reference no: EM13122062

Armed Forces Credit Union would like to examine the required sample size needed to be able to estimate the mean dollars that each card holder will spend each month. It would like to be within plus or minus $10 of the true mean with a 98% confidence level. The standard deviation is thought to be $500. How many card holders should be sampled? After you have determined how many card holders should be sampled, Armed Forces Credit Union comes back and says that it will cost $5 per sample, and it was only planning on spending $10,000 on the sample. In a memo to the Armed Forces Credit Union product development team, indicate how many card holders should be sampled to meet the original requirements of the sample. Explain the trade-offs that will occur when you lower the sample to $10,000 to meet the budget.

Reference no: EM13122062

Questions Cloud

Which type of chromatography is used for this purpose : the process of generating monoclonal antibodies is labor-intensive and expensive. An alternative is to use polyclonal antibodies. A subpopulation of purified polyclonal antibodies that recognize a particular antigen can be isolated by chromatograp..

How proteins is necessary to maintain healthy cells : The correct folding of proteins is necessary to maintain healthy cells and tissues. Unfolded proteins are responsible for such neurodegenerative disorders as Alzheimer's, Huntington's, and Creutzfeld-Jacob disease.

Historical dividend payment by the company : The Bradshaw Company's most recent dividend was $6.75. The historical dividend payment by the company shows a constant growth rate of 5 percent per year.

What is the utimate fate of these disease causing : The correct folding of proteins is necessary to maintain healthy cells and tissues. Unfolded proteins are responsible for such neurodegenerative disorders as Alzheimer's, Huntington's, and Creutzfeld-Jacob disease.

Explain trade-offs will occur when lower the sample : The original requirements of the sample. Explain the trade-offs that will occur when you lower the sample to $10,000 to meet the budget.

Real and simple roots of polynomials : Show that if the roots of the polynomial p are all real, then the roots of p' are all real. If, in addition, the roots of p are all simple, then the roots of p' are all simple.

Polynomials with complex roots-holomorphic functions : Let C be a circle enclosing the distinct points z1,z2,...zn. Let p(z)=(z-z1)(z-z2)...(z-zn) be the polynomial of degree n with roots at these points.

Probability to earn an average of more than in tips : The mean daily amount of her tips was $84.85. At the .01 significance level, can Ms. Brigden conclude that she is earning an average of more than $80 in tips?

Logical approach using its cost of capital : The Chief Financial Officer, Mr. Roach, told him it was impractical because it would require the issuance of common stock at a cost of 13.5 percent to finance the purchase. Is the company following a logical approach to using its cost of capital?

User Account

All Pages