The UM Ross School of Business has 300 students who graduate with a bachelor’s degree each year. A random sample of students was selected, and their GMAT scores reported. Whether or not they were seeking admission to a graduate business school in the next year was recorded. Here is additional information that you may need to answer the questions. Total GMAT Scores are normally distributed range from 200 to 800. The current average combined GMAT score is 560, with a standard deviation of 100. Among the Ross sample, the average GMAT score was 580, with a standard deviation of 85. In the population of students graduating from Ross, 72% seek admission to a graduate business school in the next year. Make sure to use the new concepts in this module. This exercise is different from the previous standardized test exercises. It is using sample data. There is a _____ percent chance that a simple random sample of 10 applicants will provide an estimate of the population mean GMAT score that is within +/-10 of the actual population mean. There is a _ percent chance that a simple random sample of 30 applicants will provide an estimate of the population mean GMAT score that is within +/-10 of the actual population mean. There is a _ percent chance that the sample mean will be higher than 600. There is a _ percent chance that the sample mean will be between 580 and 620. There is a _____ percent chance that the sample mean will be at least 530.

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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The UM Ross School of Business has 300 students who graduate with a bachelor’s degree each year. A random sample of students was selected, and their GMAT scores reported. Whether or not they were seeking admission to a graduate business school in the next year was recorded.

Here is additional information that you may need to answer the questions.

Total GMAT Scores are normally distributed range from 200 to 800. The current average combined GMAT score is 560, with a standard deviation of 100.
Among the Ross sample, the average GMAT score was 580, with a standard deviation of 85.
In the population of students graduating from Ross, 72% seek admission to a graduate business school in the next year.

Make sure to use the new concepts in this module. This exercise is different from the previous standardized test exercises. It is using sample data.

There is a _________ percent chance that a simple random sample of 10 applicants will provide an estimate of the population mean GMAT score that is within +/-10 of the actual population mean.

There is a _________ percent chance that a simple random sample of 30 applicants will provide an estimate of the population mean GMAT score that is within +/-10 of the actual population mean.

There is a _________ percent chance that the sample mean will be higher than 600.
There is a _________ percent chance that the sample mean will be between 580 and 620.
There is a _________ percent chance that the sample mean will be at least 530.

There is a _________ percent chance that a simple random sample of 100 applicants will provide an estimate of the population mean GMAT score that is within +/-10 of the actual population mean.

There is a _________ percent chance that a simple random sample of 100 applicants will provide an estimate of the population mean GMAT score that is within +/-20 of the actual population mean.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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