Answer:
Step-by-step explanation:
Sample size = 95
X=cash carried by the persons
x bar = 8.00
s = sample std dev = 2.50
Std error =
Hence Z score would be
-0.00
b)
c) 95% conf interval margin of error = ±
=±0.54782
Confi interval = (8-0.5027, 8+0.5027)
= (7.4923, 8.5027)
C)If conf level increases, then width of interval would increase since critical value would increase.
If sample size increases std error would decrease and hence margin of error.
So interval would decrease.
Answer:
100% of the 2nd monthly payment go toward the repayment of principal.
Step-by-step explanation:
The loan taken is the Principal which is mentioned as $72,500 with interest at a nominal rate of 20%. Firstly, it is important to understand that nominal rate means <em>non-compounding </em>rate. Simply put will be a "<em>one-time charged" </em>rate on the loan. Since this is given as 20% of the Principal. It is calculated thus: ×
= $14,500. So the interest on the loan is $14,500. Added to the Principal the total amount to be paid back by the company becomes: $72,500 + $14,500 = $87,000. To pay back this amount at equal end-of-month installments in 1 year (12 months), we divide the total amount by 12. i.e
= $7250. This means, the monthly payment will be $7,250. Since the monthly payment pays only 10% of the initial principal $72,500. By the second month only 20% of the Principal would have been paid. So all of the monthly payment will go towards repaying the principal
Answer:
If we compare the p value and the significance level given for example we see that
so we can conclude that we to reject the null hypothesis, and the the actual mean starting age of smokers is significantly lower than 19.
Step-by-step explanation:
1) Data given and notation
represent the mean age when smokers first start to smoke varies
represent the standard deviation for the sample
represent the population standard deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to determine if the mean starting age is at least 19, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
We know the population deviation, so for this case is better apply a z test to compare the actual mean to the reference value, and the statistic is given by:
(1)
z-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".
Calculate the statistic
We can replace in formula (1) the info given like this:
Calculate the P-value
Since is a one-side lower test the p value would be:
Conclusion
If we compare the p value and the significance level given for example we see that
so we can conclude that we to reject the null hypothesis, and the the actual mean starting age of smokers is significantly lower than 19.