Auto Loans ~ George works for a credit union that serves a large, urban area. For his annual report, he wants to estimate the mean interest rate for 60-month fixed-rate auto loans at lending institutions (banks, credit unions, auto dealers, etc.) in his area. George selects a random sample of 12 lendinginstitutions and obtains the following rates:5.735.16.26.026.42 3.0811.72 8.03n =8.635.37.962.81Round all calculated answers to 4 decimal places.George calculates a sample mean of 6.4167 and a sample standard deviation of 2.4459.1. Calculate a 99% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assumenecessary conditions have been met and round your result to 4 decimal places.(After calculating the interval, George decides he wants to estimate the interest rate for 60-month fixed-rate auto loans at 99% confidence with amargin of error of no more than 1.63.2. Using George's initial sample results as a starting point, how large a sample would George need to collect to accomplish his goal? Use a t* valuerounded to 3 decimal places in your calculations and give your answer as an integer.3. George's colleague Rachel works at a credit union in a different city. Rachel collects a similar sample from her city and calculates a 90% confidence

Let be the population mean interest rate for 60-month fixed-rate auto loans at lending institutions…

Answered: 1. Calculate a 99% confidence interval…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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3.) An insurance company is trying to estimate the number of sick days used yearly for high school teachers. A pilot study found the standard deviation to be 3.5 days. How large a sample must be selected if the company wants to be 95% confident, with a Margin of Error of 1 day. find the Point Estimate, z or t score and Margin of Error:
A mechanic sells a brand of automobile tire that has a life expectancy that is normally distributed, with a mean life of 36,000 miles and a standard deviation of 2100 miles. He wants to give a guarantee for free replacement of tires that don't wear well. How should he word his guarantee if he is willing to replace approximately 10% of the tires? Click to view page 1 of the table. Click to view page 2 of the table. CHE Tires that wear out by miles will be replaced free of charge. (Round to the nearest mile as needed.)
Based on historical data in Oxnard college, we believe that 30% of freshmen do not visit their counselors regularly. For this year, you would like to obtain a new sample to estimate the proportiton of freshmen who do not visit their counselors regularly. You would like to be 99% confident that your estimate is within 1% of the true population proportion. How large of a sample size is required? Do not round mid-calculation.
How would you solve this?
According to Thomson Financial, last year the majority of companies reporting profits had beaten estimates. A sample of 149 companies showed that 105 beat estimates, 21 matched estimates, and 23 fell short. (a) What is the point estimate of the proportion that fell short of estimates? (Round your answer to four decimal places.) p = (b) At 95% confidence, determine the margin of error for the proportion that beat estimates. (Round your answer to four decimal places.) Provide a 95% confidence interval for the proportion that beat estimates. (Round your answers to four decimal places.) (c) How large a sample is needed if the desired margin of error is 0.05? (Round your answer up to the next integer.)
Derby Leicester is a city planner preparing for a meeting with the mayor. He would like to show that the population mean age of the houses on Lincoln Street is less than the population mean age of the houses on Maple Street so that more resources are allotted to repair Maple Street. Derby uses information from a previous study to assume that the population standard deviation for the ages of the houses on Lincoln Street is 7.72 years and 8.39 years for the houses on Maple Street. Due to limited time, Derby randomly selects the houses on Lincoln Street and the houses on Maple Street from the city’s property records and then records the age of each house in years. The results of the samples are shown in the table below. Assuming the conditions needed for the hypothesis test have been met, what is the z test statistic for this hypothesis test, rounded to two decimal places? Lincoln Street Maple Street x¯¯¯1=50.91 years x¯¯¯2=59.27 years n1=41 n2=37
A manufacturer considers his production process to be out of control when defects exceed 4%. In a random sample of 146 items, the defect rate is 8.3% but the manager claims that this is only a sample fluctuation and production is not really out of control. At the 5% level of significance, use the p-value method to test the manager's claim. Enter the p-value. (Round your answer to nearest thousandth.) When using tables to find a tight range for the p-value, enter one of the boundaries of the interval (not 0 or 1) found using the tables.
Based on historical data in Oxnard college, we believe that 30% of freshmen do not visit their counselors regularly. For this year, you would like to obtain a new sample to estimate the proportiton of freshmen who do not visit their counselors regularly. You would like to be 99% confident that your estimate is within 5% of the true population proportion. How large of a sample size is required? Do not round mid-calculation.
1. Find the p-value. (Round to three or more decimal places.) 2. At the 0.01 level of significance, can the doctor conclude that the mean recovery time of patients who have the new procedure is less than the mean recovery time of patients who have the standard procedure?
A dentist wants to estimate the average number of patients coming into her clinic each day. She estimates the standard deviation is 6 patients per day. If she wants to use a random sample of previous days for her sample, how many days should she include to be 95% sure her estimate is off by no more than 0.3 patients per day?

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