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Question
Confidence intervals are a function of which of the following three things?a. The population, the sample, and the standard deviation
b. The sample, the variable of interest, and the degrees of freedom
c. The data in the sample, the confidence level, and the sample size
d. The sampling distribution, the confidence level, and the degrees of freedom
e. The mean, median, and mode
Answer
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NARRBEGIN: SA_101_107The personnel department of a large corporation wants to estimate the family dental expenses of its employees to determine the feasibility of providing a dental insurance plan. A random sample of 12 employees in 2004 reveals the following family dental expenses (in dollars): 115, 370, 250, 93, 540, 225, 177, 425, 318, 182, 275, and 228. Use StatTools for your calculations.NARREND(A) Construct a 90% confidence interval estimate of the mean family dental expenses for all employees of this corporation.(B) What assumption about the population distribution must be made to answer (A)?(C) Interpret the 90% confidence interval constructed in (A).(D) Suppose you used a 95% confidence interval in (A). What would be your answer?(E) Suppose the fourth value were 593 instead of 93. What would be your answer to (A)? What effect does this change have on the confidence interval?(F) Construct a 90% confidence interval estimate for the standard deviation of family dental expenses for all employees of this corporation.(G) Interpret the 90% confidence interval constructed in (E).
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NARRBEGIN: SA_79_80
Auditors of Independent Bank are interested in comparing the reported value of all 1775 customer savings account balances with their own findings regarding the actual value of such assets. Rather than reviewing the records of each savings account at the bank, the auditors randomly selected a sample of 100 savings account balances from the frame. The sample mean and sample standard deviations were $505.75 and 360.95, respectively.
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