An automobile dealer has an inventory of 500 used cars. To estimate the mean mileage of this
Question:
An automobile dealer has an inventory of 500 used cars. To estimate the mean mileage of this inventory, she intends to take a simple random sample of used cars. Previous studies suggest that the population standard deviation is 9,000 miles. A 90% confidence interval for the population mean must extend 1,500 miles on each side of its sample estimate. How large of a sample size is necessary to satisfy this requirement?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Statistics For Business And Economics
ISBN: 9781292315034
9th Global Edition
Authors: Paul Newbold, William Carlson, Betty Thorne
Question Posted:
Students also viewed these Statistics questions
-
An experimenter feels that a population standard deviation is no larger than 10.0 and would like to construct a 95% two-sided t-interval for the population mean that has a length at most 5.0. What...
-
An automobile dealer has an inventory of 328 used cars. The mean mileage of these vehicles is to be estimated. Previous experience suggests that the population standard deviation is likely to be...
-
An automobile dealer has an inventory of 400 used cars. To estimate the mean mileage of this inventory, she intends to take a simple random sample of used cars. Previous studies suggest that the...
-
Congratulations! Your portfolio returned 11% last year, 2% better than the market return of 9%. Your portfolio had a standard deviation of earnings equal to 18%, and the risk-free rate is equal to...
-
Warren faces which four of the five ethical pressures? Support each answer. What should Warren do about his ethical pressures?
-
Continental Products Corporation participates in a highly competitive industry. In order to meet this competition and achieve profit goals, the company has chosen the decentralized form of...
-
1. Identify an entrepreneur in your area you would like to interview. 2. Contact the person you have selected and make an appointment. Be sure to explain why you want the appointment and to give a...
-
The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash. . . . . . . . . . . . . . . . . . . . . . . . ....
-
Arbon Company has three service departments and two operating departments. Selected data concerning the five departments are presented below: Costs Number of employees Square metres of space occupied...
-
Modify the implementation of class Scores so that at most maxEnt/2 of the scores can come from any one single player.
-
The Vikla Golf and country club, Cyprus, wants to poll a random sample of its 560 members to estimate the proportion likely to attend an early-season function. The number of sample observations...
-
The mean amount of the 1,560 mortgages taken out in Vienna, Austria, in the past year must be estimated. Based on previous experience, a real estate broker knows that the population standard...
-
What is the fraction of acid ionized in each acid in Exercise 15.62? Exercise 15.62 Write the iCe table and set up the equation needed to solve for the concentration of the hydrogen ion in the...
-
Problems have been building at Columbus Instruments, Inc. (CIC) (not its real name) for several years now with the new product development process. The last six high-visibility projects were either...
-
Click on the Web page for project teams at www.projectsmart.co.uk/five-steps-to-a-winning-project-team.php. Which of these five steps seem to be easier for a project manager to perform and which seem...
-
What is the time estimate of an activity in which the optimistic estimate is 4 days, pessimistic is 12 days, and most likely is 5 days? Show your work.
-
Go to https://www.youtube.com/watch?v=Fp9m4GNwGng to view a brief video on the Brazilian Jet manufacturer Embraer and their use of Critical Chain Project Management for maintenance services. How has...
-
Go to http://management.about.com/lr/project_time_ management/174690/1/ and click on Project Management on the left side of the screen. When you consider several of the articles on time management in...
-
Suppose f C[a, b] and f'(x) exists on (a, b). Show that if f'(x) 0 for all x in (a, b), then there can exist at most one number p in [a, b] with f (p) = 0.
-
The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...
-
Consider a portfolio that contains stocks from the following firms: AB Volvo, Pentair, Inc., Reliant Energy, Inc., TCF Financial, 3M Company, and Restoration Hardware. Data for these stocks for a...
-
The profit for a production process is equal to $2,000 minus two times the number of units produced. The mean and variance for the number of units produced are 500 and 900, respectively. Find the...
-
The profit for a production process is equal to $6,000 minus three times the number of units produced. The mean and variance for the number of units produced are 1,000 and 900, respectively. Find the...
-
How does the cultivation of emotional intelligence in educational curricula promote socio-emotional learning, resilience, and empathy among students, preparing them for the demands of the...
-
Problem: Develop an equation for the area of a HD TV screen given the diagonal screen size measurement, and answer the question: What is the difference in square inches between a 55" HD TV screen and...
-
Ethical Choice / Decision: Situation Fyre Festival was a heavily marketed event that didn't follow through what their advertisements promised. One of the key decision makers was Billy McFarland. He...
Study smarter with the SolutionInn App