A credit card company wants to estimate the average balance of its customers to within $15...
A credit card company wants to estimate the average balance of its customers to within $15 of the true value, with a 95% confidence. Find the minimum required sample size, if the standard deviation is $43.
Homework Answers
Solution:
Given in the question
Margin of error = 15/2 =7.5
Standard deviation = 43
Zalpha/2 = 1.96
Margin of error can be calculated as
Margin of error = Zalpha/2 * SD/sqrt(n)
7.5 = 1.96*43/sqrt(n)
N = (1.96*43/7.5)^2
No. Of sample = (11.2373)^2 = 127
Add Answer to:
A credit card company wants to estimate the average balance of
its customers to within $15...
3) A credit card company wants to find out how much, on average, was charged by...
3) A credit card company wants to find out how much, on average, was charged by its card holders last month. The company took a random sample of 100 card holders. An analyst reports that in this study, the average amount charged by card holders in the sample was $1,500 per month. She also reports that based on the information in this study, a 95% confidence interval for the average amount charged by card holders was $1,300 to $1,700 per...
A large company wants to estimate the average amount of money that is owed to it...
A large company wants to estimate the average amount of money that is owed to it by delinquent customers, µ. The mean of this sample is $230 and the standard deviation is $50. Construct a 95% and 99% confidence interval for the population parameter µ. This is the only information given. There is no sample size given.
A surveyor wants to estimate the average income of daily users of a transit service. The...
A surveyor wants to estimate the average income of daily users of a transit service. The surveyor would like to estimate this value to within $1,000 of the true mean with 90 percent confidence. If historic data indicates that the standard deviation for the sample estimates will be $30,000, what is the minimum sample size to estimate the mean income if the total population is 5,000 riders per day? When the actual sample was taken, the sample standard deviation was...
A large company wants to estimate the average amount of money that is owed to it...
A large company wants to estimate the average amount of money that is owed to it by delinquent customers, µ. The mean of this sample is $230 and the standard deviation is $50. Construct a 95% and 99% confidence interval for the population parameter µ. Only information givin. No sample size. Show by hand step by step.
Cholesterol Contents of Cheese A cheese processing company wants to estimate the mean cholesterol content of...
Cholesterol Contents of Cheese A cheese processing company wants to estimate the mean cholesterol content of all one-ounce servings of a type of cheese. The estimate must be within 0.75 milligram of the population mean. (a) Determine the minimum sample size required to construct a 95% confidence interval for the population mean. Assume the population standard deviation is 3.10 milligrams. (b) The sample mean is 29 milligrams. Using the minimum sample size with a 95% level of confidence, does it...
A student wants to estimate the average annual starting salary of recent graduates with a bachelor's...
A student wants to estimate the average annual starting salary of recent graduates with a bachelor's degree in statistics. He wants his estimate to be within $500 from the true population mean salary with 95% confidence level. Which of the following is the most appropriate sample size to achieve this goal? Use $2000 as the estimate for population standard deviation.
A soccer ball manufacturer wants to estimate the mean circumference of soccer balls within 0.1 in...
A soccer ball manufacturer wants to estimate the mean circumference of soccer balls within 0.1 in (a) Determine the minimum sample size required to construct a 99% confidence interval for the population mean Assume the population standard deviation is 0 25 in. (b) Repeat part (a) using a population standard deviation of 0.30 in. Which standard deviation requires a larger sample size? Explain 25 a) The minimum sample size required to construct a 99% confidence inte valus (Round up to...
A coal company wants to determine a 95% confidence interval estimate for the average daily tonage...
A coal company wants to determine a 95% confidence interval estimate for the average daily tonage of coal that they mine. Assuming that the company reports that the standard deviation of daily output is 100 tons, how many days should they sample (i.e. find the sample size) so that the margin of error will be 20 tons or less? Please break this down and show me the formula. Thanks
We would like to estimate the true average age of customers for a particular company. How...
We would like to estimate the true average age of customers for a particular company. How large would the sample size need to be for the margin of error (based on 95% confidence) to be 1 year? Suppose that, based on previous research, we can assume the standard deviation of customer ages will be 14. Select one: a. 3872 b. 784 C. 753 X d. 659
A soccer ball manufacturer wants to estimate the mean circumference of soccer balls within 0.190.19 inch....
A soccer ball manufacturer wants to estimate the mean circumference of soccer balls within 0.190.19 inch. (a) Determine the minimum sample size required to construct a 9999% confidence interval for the population mean. Assume the population standard deviation is 0.60.6 inch. (b) The sample mean is 2828 inches. With a sample size of 7676, a 9999% level of confidence, and a population standard deviation of 0.60.6 inch, does it seem possible that the population mean could be less than 28.128.1...
A surveyor wants to estimate the average income of daily users of a transit service. The surveyor would like to estimate this value to within $1,000 of the true mean with 90 percent confidence. If historic data indicates that the standard deviation for the sample estimates will be $30,000, what is the minimum sample size to estimate the mean income if the total population is 5,000 riders per day? When the actual sample was taken, the sample standard deviation was...
A soccer ball manufacturer wants to estimate the mean circumference of soccer balls within 0.1 in (a) Determine the minimum sample size required to construct a 99% confidence interval for the population mean Assume the population standard deviation is 0 25 in. (b) Repeat part (a) using a population standard deviation of 0.30 in. Which standard deviation requires a larger sample size? Explain 25 a) The minimum sample size required to construct a 99% confidence inte valus (Round up to...
We would like to estimate the true average age of customers for a particular company. How large would the sample size need to be for the margin of error (based on 95% confidence) to be 1 year? Suppose that, based on previous research, we can assume the standard deviation of customer ages will be 14. Select one: a. 3872 b. 784 C. 753 X d. 659
Most questions answered within 3 hours.
-
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 1 hour ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 2 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 4 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 4 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 4 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 5 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 5 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 5 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 9 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 9 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 10 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 10 hours ago