QRM-hmwk-wk3-cutler

# QRM-hmwk-wk3-cutler - mean amount owed by a student in...

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HOMEWORK QRM-WEEK 3 AMY CUTLER Chapter 9 Page 283, #32 A state mean inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled “3 pounds.” Of course, he realizes that the weights cannot be precisely 3 lbs. A sample of 36 packages reveals the mean weight to be 3.01 lbs, with a standard deviation of 0.03 lbs. a. What is the estimated population mean? 3.01 b. Determine a 95 percent confidence interval for the population mean. 3.00-3.020 Confidence interval - mean 95% confidence level 3.01 mean 0.03 std. dev. 36 n 1.960 z 0.010 half-width 3.020 upper confidence limit 3.000 lower confidence limit Page 284, #41 A study of 25 graduates of four-year colleges by the American Banker’s Association revealed the

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Unformatted text preview: mean amount owed by a student in student loans was \$14,381. The standard deviation of the sample was \$1,892. Construct a 90% confidence interval for the population mean. Is it reasonable to conclude that the mean of the population is actually \$15,000? Tell why or why not. Confidence interval - mean 90% confidence level 14381 mean 1892 std. dev. 25 n 1.645 z 622.413 half-width 15003.413 upper confidence limit 13758.587 lower confidence limit The confidence interval is \$13758.587-\$15003.413. \$15000 is reasonable because it can be found inside the interval....
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## This note was uploaded on 04/23/2011 for the course EC 315 taught by Professor Barcus during the Spring '10 term at Park.

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QRM-hmwk-wk3-cutler - mean amount owed by a student in...

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