In a recent poll of 500 homeowners in the United States, one in four homeowners reports having a home equity loan that he or she is currently paying off. Using a confidence coefficient of 0.95, construct the confidence interval for the proportion of all homeowners in the United States that hold a home equity loan. Note: Round final answers to 3 decimal places. Lower limit Upper limit

In a recent poll of 500 homeowners in the United States, one in four homeowners reports having a home equity loan that he or she is currently paying off. Using a confidence coefficient of 0.95, construct the confidence interval for the proportion of all homeowners in the United States that hold a home equity loan. Note: Round final answers to 3 decimal places. Lower limit Upper limit

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter6: Statistical Inference

Section: Chapter Questions

Problem 18P: The average annual premium for automobile insurance in the United States is 1,503. The following...

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According to the Census Bureau, in October 2016, the average house price in the United States was $27,058. 7 years earlier, the average price was $22,008. What was the annual increase in the price of the average house sold? Multiple Choice 3.29% 2.70% -2.91% 3.59% 3.00%
As was discussed in the Analytics in Action from Chapter 2, the U.S. Census Bureau is a leading source of quantitative data related to the people and economy of the United States. The crosstabulation below represents the number of households (1,000s) and the household income by the highest level of education for the head of household (U.S. Census Bureau web site, 2013). Use this crosstabulation to answer the following questions. a. Develop a joint probability table. b. What is the probability the head of one of these households has a masters degree or higher education? c. What is the probability a household is headed by someone with a high school diploma earning 100,000 or more? d. What is the probability one of these households has an income below 25,000? e. What is the probability a household is headed by someone with a bachelors degree earning less than 25,000? f. Are household income and educational level independent?
Ten years ago 53% of American families owned stocks or stock funds. Sample data collected by the Investment Company Institute indicate that the percentage is now 46%. a. Develop appropriate hypotheses such that rejection of H0 will support the conclusion that a smaller proportion of American families own stocks or stock funds this year than 10 years ago. b. Assume the Investment Company Institute sampled 300 American families to estimate that the percent owning stocks or stock funds is 46% this year. What is the p value for your hypothesis test? c. At = 0.01, what is your conclusion?
The average annual premium for automobile insurance in the United States is 1,503. The following annual premiums () are representative of the web sites findings for the state of Michigan. Assume the population is approximately normal. a. Provide a point estimate of the mean annual automobile insurance premium in Michigan. b. Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan. c. Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the United States? What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average?
According to the Census Bureau, in October 2016, the average house price in the United States was $28,258. 6 years earlier, the average price was $20,608. What was the annual increase in the price of the average house sold?
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Question 1a) Which are the top 3 countries in terms of projected annual revenue (state them in descending order of amount).b) Which are the lowest 3 countries in terms of projected annual revenue (state them in ascending order of the amount). c) Which quarter is projected to bring in the most revenue? Your answer should also state the amount in millions of pounds.d) Calculate the median revenue for each of the 4 quarters, stating the formula you would use for determining the median for the first quarter’s projected revenue.e) Calculate the Range of revenues for each of the 4 quarters, stating the formula you would use for determining the range for the first quarter’s projected revenue.f) Calculate the mean for each of the 4 quarters, stating the formula you would use for determining the mean for the first quarter’s forecasted revenue.g) Calculate the mean of the projected annual revenues of the 7 countries. Show full working for the mean calculation.h) Discuss the usefulness of a…
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According to the Census Bureau, in October 2019, the average house price in the United States was $368,600. In October 2000, the average price was $197,700. What was the annual increase in the price of the average house sold? (Do not round intermediate calculations and enter your answer as a percent rounded answer to 2 decimal places, e.g., 32.16.) Annual increase in selling price
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The following table shows an example of gross domestic product values for five countries from 2005 to 2010 in equivalent U.S. dollars (). a. How could you improve the readability of this table? b. The file GDPyears contains sample data from the United Nations Statistics Division on 30 countries and their GDP values from 2005 to 2010 in U.S. dollars (). Create a table that provides all these data for a user. Format the table to make it as easy to read as possible. Hint: It is generally not important for the user to know GDP to an exact dollar figure. It is typical to present GDP values in millions or billions of dollars.