Millionaires. Professor Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Professor Stanley obtains estimates for the mean age, μ, of all U.S. millionaires. Suppose that one year’s study involved a simple random sample of 36 U.S. millionaires whose mean age was 58.53 years with a sample standard deviation of 13.36 years. a. If, for next year’s study, a confidence interval for μ is to have a margin of error of 2 years and a confidence level of 95%, determine the required sample size. b. Why did you use the sample standard deviation, s = 13.36, in place of σ in your solution to part (a)? Why is it permissible to do so?
Millionaires. Professor Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Professor Stanley obtains estimates for the mean age, μ, of all U.S. millionaires. Suppose that one year’s study involved a simple random sample of 36 U.S. millionaires whose mean age was 58.53 years with a sample standard deviation of 13.36 years. a. If, for next year’s study, a confidence interval for μ is to have a margin of error of 2 years and a confidence level of 95%, determine the required sample size. b. Why did you use the sample standard deviation, s = 13.36, in place of σ in your solution to part (a)? Why is it permissible to do so?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Millionaires. Professor Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Professor Stanley obtains estimates for the mean age, μ, of all U.S. millionaires. Suppose that one year’s study involved a simple random sample of 36 U.S. millionaires whose mean age was 58.53 years with a sample standard deviation of 13.36 years.
a. If, for next year’s study, a confidence interval for μ is to have a margin of error of 2 years and a confidence level of 95%, determine the required
b. Why did you use the sample standard deviation, s = 13.36, in place of σ in your solution to part (a)? Why is it permissible to do so?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman