Homework_3_V_2011

# Homework_3_V_2011 - Mgmt 305 Homework 3 Due March 7 2011...

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Mgmt 305 Homework 3 Due: March 7, 2011 Quiz: March 7, 2011 1. The National Association of Independent Colleges and Universities reported that students graduating from public colleges and universities carry an average debt of \$12,000 upon graduation ( Kiplinger’s Personal Finance Magazine , November 1998). Assume that this average debt is based on a sample of 245 students and that, based on past studies, the population standard deviation for the debt upon graduation is \$2200. a. Develop a 90% confidence interval estimate of the population mean. b. Develop a 95% confidence interval estimate of the population mean. c. Develop a 99% confidence interval estimate of the population mean. d. Discuss what happens to the width of the confidence interval as the confidence level is increased. Does this result seem reasonable? Explain. 2. Annual starting salaries for college graduates with degrees in business administration are generally expected to be between \$30,000 and \$45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. What is the planning value for the population standard deviation? How large a sample should be taken if the desired margin of error is a. \$500? b. \$200? c. \$100? d. Would you recommend trying to obtain the \$100 margin of error? Explain. 3.

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Homework_3_V_2011 - Mgmt 305 Homework 3 Due March 7 2011...

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