QUESTION 6ANZ Bank's Wealth Management Division conducted a surveyof the value of the new business created over the last monthin millions of dollars. From 23 responses, the mean andstandard deviation were found to be $1.741 and $0.989million respectively. Assuming the data were collectedthrough a random sample and that the value of new businessis approximately normally distributed, calculate a 95%confidence interval estimate of the average value of newbusiness per month in millions of dollars. State only the upperbound correct to three decimal places.

A sample of 23 responses with mean 1.741 and 0.989 n=23x=1.741s=0.989α=0.05

Answered: ANZ Bank's Wealth Management Division…

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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A random sample of 47 cars in the drive-thru of a popular fast food restaurant revealed an average bill of $17.51 per car. The population standard deviation is $6.05. Estimate the mean bill for all cars from the drive thru with 91% confidence.
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During 2003 gasoline prices reached record high prices in 16 states United States (The Wall Street Journal, March 7, 2003). Two of the states affected were California and Florida. The American Automobile Association foundas sample mean price per gallon $2.04 in California and $1.72 per gallon in Florida. Use 40 as the sample size for California and 35 as the sample size for Florida. Suppose that previous studies indicate that the population standard deviation in California it is 0.10 and in Florida 0.08.a) Test at the 10% level the null hypothesis that the population means of the gasoline prices are equal against the alternative hypothesis that, on average, Gasoline is more expensive in California than in Florida.b) Find the p-value of this test.
The mean weight of a Great Dane is 63.0 kg with a standard deviation of 2.3 kg. Suppose a researcher randomly samples 61 Great Danes and records the weights of the sampled dogs. Calculate the standard deviation of the mean, rounded to 2 decimal places
A manufacturer of car batteries claims that the life of his batteries have a standard deviation equal to 0.9 years if a random sample of 10 of these batteries have a standard deviation of 14.4 months do you think that population standard deviation exceeds 0.81 years. Explain your results.
Suppose the mean income of firms in the industry for a year is 80 million dollars with a standard deviation of 55 million dollars. If incomes for the industry are distributed normally, what is the probability that a randomly selected firm will earn more than 88 million dollars? Round your answer to four decimal places.
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