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Practice for Exam 3 without answer

# Practice for Exam 3 without answer - PracticeforExam3 1...

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Practice for Exam 3 1. A random sample of 100 credit sales in a department store showed an average sale of  \$120.00. From past data, it is known that the standard deviation of the population is \$40.00. a. Determine the standard error of the mean. b. With a 0.95 probability, determine the margin of error. c. What is the 95% confidence interval of the population mean? n = 100 2. A small stock brokerage firm wants to determine the average daily sales (in dollars) of stocks  to their clients. A sample of the sales for 36 days revealed average daily sales of \$200,000.  Assume that the standard deviation of the population is known to be \$18,000. 1. a. 2. Provide a 95% confidence interval estimate for the average daily sale. 3. b. 4. Provide a 97% confidence interval estimate for the average daily sale. 5.

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3.  The makers of a soft drink want to identify the average age of its consumers. A sample of 16
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Practice for Exam 3 without answer - PracticeforExam3 1...

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