16You run a bank and want to estimate the bank’s average number of customers per day (the population is all the days you are open for business in a year). You take a random sample and record the numbers of customers on those days. The sample data is shown below. 13613789140130100150207 8812211415215413613187 14811414912712160225121 112190110159126141135141 147167142132160158177118 16515918019416892230220 The 95% confidence interval for the bank’s average number of customers per day is ______, _______ a125161 b129157 c132153 d135151 17As the manager of the bank in the previous question, you want the 95% interval estimate to capture the population mean customers per day within ±5 customers. Using a planning value of σ̂ = 30, how many days should you include in the sample? a151 b139 c127 d117

Name: 16You run a bank and want to estimate the bank’s average number of cus
Uploaded: 2024-03-20T07:06:27.000Z
Channel: Bartleby
Description: 16You run a bank and want to estimate the bank’s average number of customers per day (the population is all the days you are open for business in a year). You take a random sample and record the numbers of customers on those days. The sample data i

Q16.given that,sample data: (136 , 137 , 89 , 140 , 130 , 100 , 150 , 207 , 88 , 122 , 114 , 152 ,…

Answered: You run a bank and want to estimate the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

16	You run a bank and want to estimate the bank’s average number of customers per day (the population is all the days you are open for business in a year). You take a random sample and record the numbers of customers on those days. The sample data is shown below.


		136	137	89	140	130	100	150	207
		88	122	114	152	154	136	131	87
		148	114	149	127	121	60	225	121
		112	190	110	159	126	141	135	141
		147	167	142	132	160	158	177	118
		165	159	180	194	168	92	230	220

	The 95% confidence interval for the bank’s average number of customers per day is ______, _______
a	125	161
b	129	157
c	132	153
d	135	151

17	As the manager of the bank in the previous question, you want the 95% interval estimate to capture the population mean customers per day within ±5 customers. Using a planning value of σ̂ = 30, how many days should you include in the sample?


a	151
b	139
c	127
d	117

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 + ...

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Data Collection, Sampling Methods, and Bias$

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.

Similar questions