The philanthropic organization in Exercise 21 expects about a 5% success rate when they send fundraising letters
Question:
a) According to the Normal model, what should the theoretical mean and standard deviations be for these sample sizes?
b) How close are those theoretical values to what was observed in these simulations?
c) Looking at the histograms in Exercise 21, at what sample size would you be comfortable using the Normal model as an approximation for the sampling distribution?
d) What does the Success/Failure Condition say about the choice you made in part c?
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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