What is the solution of the system of the linear equations?
1 answer:
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Answer:
Interval [0.67;0.95]
Step-by-step explanation:
Hello!
You need to estimate the population proportion of grain-handling facilities that detect GM beans in shipments with a confidence interval.
The formula you have to use is:
^ρ± * √(^ρ*(1-^ρ)/n)
where ^ρ represents the sample proportion
^ρ= x/n = 17/21 = 0.809 ≅ 0.81
Confidence level 90%
=
= 1.64
Interval
0.81±1.64 * √((0.81*0.19)/21)
0.81±0.140
[0.67;0.95]
With a confidence level of 90% you'd expect that the interval [0.67;0.95] contains the population proportion of grain-handling facilities that detect GM beans in shipments.
Remember:
The confidence level of an interval is the probability under which it is built. This probability indicates that if they build 100 confidence intervals, we expect 90 to contain the value of the population mean we are trying to estimate.
The bigger the confidence level, the bigger is the chance that it contains the estimated parameter, but then again, if you were to study the whole population there is no chance you'll miss the parameter.
The smaller the confidence level, there are fewer chances that it will contain the estimated parameter, but if it does, the estimation would be more accurate than with a bigger level.
You can think it like this, a shooter that hits the target at a distance of 5 meters (low confidence level) is way better than a shooter that hits the target at a distance from 20 cm (high confidence level)
90% Confidence level is acceptable enough to have an accurate estimation of the population parameter.
I hope it helps!
Answer:
ACV=$4,500
Step-by-step explanation:
We have that the actual cash value (ACV) is defined as:
Where:
actual cash value
replacement cost or purchase price of the item
expected life of the item
current life of the item
Then we have R=$6,000, C=5years, and to find the expected life of the item we can use the depreciating of the roof, then if the roof is depreciating $200 each year we just need to divide $4,000 by $200 to find the expected life of the roof:
Then the espected life of the roof is 20 years, with this result we have all the data, then:
Then the ACV is $4,500