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In a study of student loan subsidies, the Department of Education reported that four-year Stafford Loan borrowers will owe an average of $12,168 upon graduation (USA Today, April 5, 1995). Assume that this average or mean amount owed is based on a sample of 480 student loans and that the population standard deviation for the amount owed upon graduation is $2200.
a. Develop a 90 % confidence interval estimation of the mean.b. Develop a 95 % confidence interval estimation of the mean.c. Discuss what happens to the width of the confidence interval as the confidence level is increased. Does this seem reasonable? Explain.d. If you were to decrease the width of the 95% confidence interval by 25% of its current width, how much samples do you need to collect?
You are considering adding a new food product to your store for resale. Explain how many units of the new product should be purchased for resale.
A random sample of 24 groups of adults has a mean daily lodging cost of $233 and a standard deviation of $12.50. Is there enough evidence to reject the claim at α= 0.10? Assume the population is normally distributed.
Generate a 95 % confidence interval for the difference in proportions of patients who report pain relief.
Conduct a test at the .05 level of significance to determine if there is any difference in the mean selling price of new homes in Omaha versus Kansas City.
If you have n independent flips of a coin with probability p of landing heads. And a changeover occurs whenever an outcome differs from the one preceding it.
Suppose that daily gross income is normally distributed. Determine the relative frequency corresponding to daily gross income of $520 or more?
Find out whether quality of items produced appears to be independent of production process used. Compute expected number of defective units produced by Process 1.
An auditor reviewed 25 oral surgery insurance claims from a particular surgical office, determining that the mean out-of-pocket patient billing above the reimbursed amount was $275.66 with a standard deviation of $78.11.
What id Steve's grade point average at graduation and what is Steve's median grade point at graduation
Choosing the appropriate the sampling design for the given data
Determine the regression equation, letting the first variable be the independent (x) variable. Find the indicated predicted values.
If the sample size (n) is large, and the sample is a random sample, then the distribution of the sample mean x-bar is approximately a:
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