How large a sample would be necessary to estimate the true proportion of sales invoices containing errors in a large population within ±7%, with 95% confidence? (Assume a pilot sample yields p = 0.15.)A firm has a population of 1,000 accounts and wishes to estimate the total population value. A sample of 80 accounts is selected with average balance of $87.6 and standard deviation of $22.3. Find the 95% confidence interval estimate of the total balance.Did you know:Logic is a systematic method for getting the wrong conclusion with confidence. Statistics is a systematic method for getting the wrong conclusion with 95 percent confidence.Did you hear the one about the statistician who took the Dale Carnegie course? He improved his confidence from 0.95 to 0.99.Statistics means never having to say you're certain.Q: How many statisticians does it take to change a light bulb? A: One plus or minus three.

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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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How large a sample would be necessary to estimate the true proportion of sales invoices containing errors in a large population within ±7%, with 95% confidence? (Assume a pilot sample yields p = 0.15.)
A firm has a population of 1,000 accounts and wishes to estimate the total population value. A sample of 80 accounts is selected with average balance of $87.6 and standard deviation of $22.3. Find the 95% confidence interval estimate of the total balance.

Did you know:

Logic is a systematic method for getting the wrong conclusion with confidence. Statistics is a systematic method for getting the wrong conclusion with 95 percent confidence.

Did you hear the one about the statistician who took the Dale Carnegie course? He improved his confidence from 0.95 to 0.99.

Statistics means never having to say you're certain.

Q: How many statisticians does it take to change a light bulb? A: One plus or minus three.

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