7.17 America's Richest. Each year, Forbes magazine publishes a list of the richest people in the United States. As of September 16, 2013, the six richest Americans and their wealth (to the nearest bil- lion dollars) are as shown in the following table. Consider these six people a population of interest. Wealth Person ($ billions) Bill Gates (G) 72
7.17 America's Richest. Each year, Forbes magazine publishes a list of the richest people in the United States. As of September 16, 2013, the six richest Americans and their wealth (to the nearest bil- lion dollars) are as shown in the following table. Consider these six people a population of interest. Wealth Person ($ billions) Bill Gates (G) 72
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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Transcribed Image Text:7.17 America's Richest. Each year, Forbes magazine publishes a
list of the richest people in the United States. As of September 16,
2013, the six richest Americans and their wealth (to the nearest bil-
lion dollars) are as shown in the following table. Consider these six
people a population of interest.
Wealth
Person
($ billions)
Bill Gates (G)
72
Warren Buffett (B)
59
Larry Ellison (E)
Charles Koch (C)
David Koch (D)
41
36
36
Christy Walton (W)
35
a. Calculate the mean wealth, µ, of the six people.
b. For samples of size 2, construct a table similar to Table 7.2 on
page 310. (There are 15 possible samples of size 2.)
c. Draw a dotplot for the sampling distribution of the sample mean
for samples of size 2.
d. For a random sample of size 2, what is the chance that the sample
mean will equal the population mean?
e. For a random sample of size 2, determine the probability that the
mean wealth of the two people obtained will be within 3 (i.e.,
$3 billion) of the population mean. Interpret your result in terms
of percentages.
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