An investment advisor has worked with 24 clients for the past five years. Following are the...
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An investment advisor has worked with 24 clients for the past five years. Following are the percentage rates of average five-year returns that these 24 clients experienced over this time on their investments: 11.1 11.1 16.1 9.9 10.9 4.9 -2.3 12.6 2.8 4.5 7.6 15.8 1.3 3.4 3.8 7.6 4.9 10.1 4.7 13.1 0.4 9.8 14.6 -0.5 This investment advisor plans to introduce a new investment program to a sample of his customers this year. Because this is experimental, he plans to randomly select 5 of the customers to be part of the program. However, he would like those selected to have a mean return rate close to the population mean for the 24 clients. Suppose the following 5 values represent the average five-year annual return for the clients that were selected in the random sample: 10.9 -2.3 12.6 0.4 3.8 Calculate the sampling error associated with the mean of this random sample. What would you tell this advisor regarding the sample he has selected? The sampling error for the sample mean is (Round to two decimal places as needed.) An investment advisor has worked with 24 clients for the past five years. Following are the percentage rates of average five-year returns that these 24 clients experienced over this time on their investments: 11.1 11.1 16.1 9.9 10.9 4.9 -2.3 12.6 2.8 4.5 7.6 15.8 1.3 3.4 3.8 7.6 4.9 10.1 4.7 13.1 0.4 9.8 14.6 -0.5 This investment advisor plans to introduce a new investment program to a sample of his customers this year. Because this is experimental, he plans to randomly select 5 of the customers to be part of the program. However, he would like those selected to have a mean return rate close to the population mean for the 24 clients. Suppose the following 5 values represent the average five-year annual return for the clients that were selected in the random sample: 10.9 -2.3 12.6 0.4 3.8 Calculate the sampling error associated with the mean of this random sample. What would you tell this advisor regarding the sample he has selected? The sampling error for the sample mean is (Round to two decimal places as needed.)
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Sampling Error and Advisors Sample We can calculate the sampling error for the sample mean and analy... View the full answer
Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
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