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Written Assignment # 2 Application of Inference Statistics: Confidence Interval - Hypothesis test 1. Use Scenario from Written Assignment # 1 Family Income Marital Status Family Size Age 2. $97,000.00 Single Four (4) Fifty three (53) List the subjects you selected from Assign #1 in the below table. Identify each subject by Id number. Seven (7) Subjects 1 2 3 4 5 6 7 3. Subject Id number Calculate a 95% Confidence Interval for the: 30 subjects provided in the data base 7 subjects you selected as being representative of your client. Subjects Mean 30 Subjects 66166 7 Subjects * Standard Lower limit Deviation 10897 Upper limit Margin of error* Margin of error is the width of the Confidence Interval I recommend calculating the mean and standard deviations using Excel and using the TI 84 calculator to calculate the Confidence Intervals in the Stat mode. 4 Based upon your analysis: What mean, and lower and upper confidence limits are most appropriate for you to recommend to your client for their Annual Expenditures. Data based upon: a. 30 Subjects b. 7 Subjects _________ 5. 6 Explain the reasoning behind your choice (Short concise answer.) The President of the Financial Advising Company (me) would like to know if the mean expenditures based upon your representative sample is different from the mean expenditures of the 7 samples most frequently recommendations by your colleagues (classmates). To answer this question, perform a Two Sample Hypothesis Test at an alpha level (significance level) of 10% Suggestion: Perform the analysis using the data in the below table and the TI 84 Calculator in the Stat Option mode. Summary data calculated from your representative sample, mean and standard deviation. See table above. Summary data provided by the President, based upon the 7 most frequently selected Subjects by your colleagues (Group representative sample). 1 Your representative sample mean 2 The Group's representative sample mean Null Hypothesis 1 equals 2 Alternate Hypothesis 1 not equal 2 Data: Category Your recommendation * Group recommendation Mean Standard Deviation 58280 6496 Sample size 7 7 * Previously calculated beginning of this reort Pvalue ___________ Decision a. Reject the Null Hypothesis - Means are statistically different b. Do not Reject the Null Hypothesis - Means are not statistically different ______ FYI Subjects most frequently selected by your colleges Seven (7) Subjects Subject Id number 1 3 2 11 3 15 4 9 5 28 6 4 7 5 Frequency 8 8 7 6 5 4* 4* 14 and 26 were also selected 4 times 2020 Stat 200 4055 Summer Unique ID # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SE-Marital Status SE-income SE-Age Head of Household SE-FamilySize Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married 94929 96621 96664 96522 96697 96727 94867 96690 97469 96886 95744 96572 95366 97912 96928 114051 106627 109312 103144 111195 112559 97835 100693 95385 100350 95922 96207 97663 100565 97977 59 54 53 43 49 39 60 57 35 44 52 59 48 49 43 42 56 37 29 30 39 30 42 50 31 55 27 51 18 44 2 2 3 4 2 2 1 2 4 2 4 2 2 1 3 5 3 6 5 5 3 5 2 4 5 3 3 3 3 2 USD-AnnualExpenditures 55247 55746 55558 56152 56453 56440 55512 56097 54929 55321 55963 56515 57082 55704 55932 84486 82676 80801 75393 80865 80934 77765 73294 74110 73771 72228 74620 72971 69203 73198 USD-Housing USD-Electricity USD-Water 18483 18149 18502 18483 18520 18376 18633 18334 18514 18312 18435 18648 18576 18619 18701 25728 22414 25392 26322 25018 25531 27949 26102 22847 26853 22996 28491 23150 27950 22990 1451 1455 1478 1457 1469 1441 1485 1453 1451 1450 1465 1480 1478 1450 1479 1452 1688 1514 1386 1481 1504 1297 1354 1302 1405 1326 1310 1320 1358 1298 546 540 553 537 545 542 523 535 565 523 555 552 538 553 520 818 709 743 626 796 794 641 597 684 585 674 588 689 626 696