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One of the characteristics of a credit card is the average outstanding balance. A group of researchers wants to estimate the average outstanding balance using a randomly selected sample of 31 customers. The average monthly balance of the sample is calculated as $2614.49. Construct and interpret a 97% confidence interval for the average outstanding balance on a credit card assuming that the population standard deviation is $2871.4. i. Procedure: One mean Z procedure ii. Assumptions: (select everything that applies) Population standard deviation is unknown Sample size is greater than 30 ✔Simple random sample Population standard deviation is known Normal population The number of positive and negative responses are both greater than 10 iii. Unknown parameter: [u, population mean iv. Point estimate: Select an answer Select an answer sample proportion, sample mean, X sample variance, s² v. Confidence level 0 % and a also , and 1 2 2 • Critical values: (Round the answer to 2 decimal places) ▪ left- right- Part 2 of 5 dollars (Round the answer to 2 decimal places)

One of the characteristics of a credit card is the average outstanding balance. A group of researchers wants to estimate the average outstanding balance using a randomly selected sample of 31 customers. The average monthly balance of the sample is calculated as $2614.49. Construct and interpret a 97% confidence interval for the average outstanding balance on a credit card assuming that the population standard deviation is $2871.4. i. Procedure: One mean Z procedure ii. Assumptions: (select everything that applies) Population standard deviation is unknown Sample size is greater than 30 ✔Simple random sample Population standard deviation is known Normal population The number of positive and negative responses are both greater than 10 iii. Unknown parameter: [u, population mean iv. Point estimate: Select an answer Select an answer sample proportion, sample mean, X sample variance, s² v. Confidence level 0 % and a also , and 1 2 2 • Critical values: (Round the answer to 2 decimal places) ▪ left- right- Part 2 of 5 dollars (Round the answer to 2 decimal places)

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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Question 11 One of the characteristics of a credit card is the average outstanding balance. A group of researchers wants to estimate the average outstanding balance using a randomly selected sample of 31 customers. The average monthly balance of the sample is calculated as $2614.49. Construct and interpret a 97% confidence interval for the average outstanding balance on a credit card assuming that the population standard deviation is $2871.4. i. Procedure: One mean Z procedure ii. Assumptions: (select everything that applies) Population standard deviation is unknown ✔Sample size is greater than 30 ✔Simple random sample ✔Population standard deviation is known O Normal population The number of positive and negative responses are both greater than 10 iii. Unknown parameter: [u, population mean iv. Point estimate: Select an answer Select an answer sample proportion, p sample mean, X sample variance, s² 0 v. Confidence level % and a α α and 1 2 2 • Critical values: (Round the answer to 2 decimal places) left= right= also Part 2 of 5 dollars (Round the answer to 2 decimal places)
Transcribed Image Text:Question 11 One of the characteristics of a credit card is the average outstanding balance. A group of researchers wants to estimate the average outstanding balance using a randomly selected sample of 31 customers. The average monthly balance of the sample is calculated as $2614.49. Construct and interpret a 97% confidence interval for the average outstanding balance on a credit card assuming that the population standard deviation is $2871.4. i. Procedure: One mean Z procedure ii. Assumptions: (select everything that applies) Population standard deviation is unknown ✔Sample size is greater than 30 ✔Simple random sample ✔Population standard deviation is known O Normal population The number of positive and negative responses are both greater than 10 iii. Unknown parameter: [u, population mean iv. Point estimate: Select an answer Select an answer sample proportion, p sample mean, X sample variance, s² 0 v. Confidence level % and a α α and 1 2 2 • Critical values: (Round the answer to 2 decimal places) left= right= also Part 2 of 5 dollars (Round the answer to 2 decimal places)
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