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In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 (X) 1 X 201 (X330) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)

In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 (X) 1 X 201 (X330) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)

MATLAB: An Introduction with Applications
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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(c) If a member of the sales force submits an entertainment expense (dinner cost for four) of $390, should this expense be considered unusually high (and possibly worthy of investigation by the company)? Explain your answer. O Yes O No
Transcribed Image Text:(c) If a member of the sales force submits an entertainment expense (dinner cost for four) of $390, should this expense be considered unusually high (and possibly worthy of investigation by the company)? Explain your answer. O Yes O No
In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 [XX #) [ X 201 [X 30) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)
Transcribed Image Text:In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 [XX #) [ X 201 [X 30) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)
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