Marie has renters insurance that she must pay twice a year. If each payment is $96, how much money should she set aside each mon
2 answers:
Answer: $16
Step-by-step explanation:
Given: Marie has renters insurance that she must pay twice a year.
The amount of each payment = $96
So, the total payment in the year =
Since, in one year = 12 months
Therefore, the amount of money she should set aside each month to cover her renters insurance=
Hence, She should set aside $16 each month to cover her renters insurance.
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Answer:
So then the minimum sample to ensure the condition given is n= 38
Step-by-step explanation:
Notation
represent the sample mean for the sample
population mean (variable of interest)
represent the population standard deviation
n represent the sample size
ME = 4 the margin of error desired
Solution to the problem
When we create a confidence interval for the mean the margin of error is given by this formula:
(a)
And on this case we have that ME =4 and we are interested in order to find the value of n, if we solve n from equation (a) we got:
(b)
The critical value for 96% of confidence interval now can be founded using the normal distribution. The significance is . And in excel we can use this formula to find it:"=-NORM.INV(0.02;0;1)", and we got
, replacing into formula (b) we got:
So then the minimum sample to ensure the condition given is n= 38