b. between 2 According to Cardweb.com the mean bank credit card debt for households FE07 was $7868 in 2004. Assume that mean was based on a random sample of 900 households and that the standard deviation of such debts for all households in 2004 was $ 2070. Make a 99% and a 99.22% confidence interval for the 2004 mean bank credit card debt for all households JAn alumni association wants to estimate the mean debt for this year's college graduates. It is known that the population standard deviation of the debts of this years college graduates is $11,800. How large a sample should be selected so that the estimate with a 99% confidence level is within $800 of the population mean How large a sample should be selected so that the estimate with a 94.64% confidence level is within 5900 of the population mean
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
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