Stats 1 1) Days It Takes to Sell an Aveo Name: A researcher wishes to estimate t
ID: 3065329 • Letter: S
Question
Stats 1 1) Days It Takes to Sell an Aveo Name: A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. A sample of 50 cars had a mean time on the dealer's lot of 54 days. Assume the population the population mean and the 95% confidence interval of the population mean. deviation to be 6.0 days. Find the best point estimate of Sourve: Basod on infomation ouained from Power Information Network 2) Actuary Exams A survey of 35 individuals who passed the seven exams and obtained the rank of Fellow in the actuarial field finds the average salary to be $150,000. I the standard deviation for the population is $15,000, construct a 95% confidence interval for all Fellows.Explanation / Answer
1)
The best point estimate of population mean = 54
CI for 95%
n = 50
mean = 54
z-value of 95% CI = 1.9600
std. dev. = 6
SE = std.dev./sqrt(n) = 0.84853
ME = z*SE = 1.66308
Lower Limit = Mean - ME = 52.33692
Upper Limit = Mean + ME = 55.66308
95% CI (52.3369 , 55.6631 )
2)
CI for 95%
n = 35
mean = 150000
z-value of 95% CI = 1.9600
std. dev. = 15000
SE = std.dev./sqrt(n) = 2535.46276
ME = z*SE = 4969.41570
Lower Limit = Mean - ME = 145030.58430
Upper Limit = Mean + ME = 154969.41570
95% CI (145030.5843 , 154969.4157 )