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Assume credit card balances are normally distributed with a mean of $2,870 and a standard deviation of $900 - assume these are population values.
What is the probability of a randomly selected credit card holder has a credit card balance less than $2,500? Use the standard normal table for this, using the population mean and standard deviation.
Now you randomly select 50 credit card holders. What is the probability that their mean credit card balance is less than $2,500?
Use the standard normal table for this, but this time use the population mean and standard error (standard deviation/SQRT(50)).
Compare the probabilities from A and B above and discuss why they are different.
American Demographics reported the results of a survey on the planning habits of men and women. In response to the question.
Compute the confidence intervals of your data from the Week 4 Learning Team paper. Based on your confidence intervals.
At the 5% significance level, can the station conclude that the mean age of its listeners is not 25 yrs. Formulate and test the appropriate hypotheses. Use the critical value approach.
in a midwestern state an automobile insurance company has a large number of customers. from company files it is known
Recalculate the confidence interval. Using the results, describe the effect of an outlier or extreme value on the confidence interval.
What can you conclude regarding the information? Who tends to order the most or least number of condiments?
Chi-square tests are great to show if distributions differ or if two variables interact in producing outcomes. What are some examples of variables that you might want to check using the chi-square tests? What would these results tell you?
Suppose the inspector is unhappy with the previous result and would like to resample. How many rolls should be sampled to estimate the mean tensile strength within 1.5 PSI with 95% confidence?
here are the golf scores of 12 members of a college womens golf team in two rounds of tournament play. a golf score is
Is the sample size large enough to construct a valid confidence interval for the proportion of debit cardholders who have used their card in making purchases over the Internet?
We have a deck of 52 playing cards. What is the probability of drawing?
At the 5% level of significance, is there evidence of a difference among the mean access read times for the three files sizes?
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