Three students want to estimate the mean backpack weight of their schoolmates. To do this, they each randomly chose 8 schoolmates and weighed their backpacks. Then as per the given sample data,
(a) The sample means of the backpacks are: 6.375,6.375,6.625
(b) Range of sample means: 0.25
(c)The true statement is: The closer the range of the sample means is to 0, the less confident they can be in their estimate.
For the first sample, mean= 6.375
For the second sample, mean= 6.375
For the third sample, mean= 6.625
Range of sample means=Maximum Mean- Minimum Mean
= 6.625 - 6.375
= 0.25
The students will estimate the average backpack weight of their classmates using sample means, the true statement is:
The closer the range of the sample means is to 0, the more confident they can be in their estimate.
Learn more about range here:
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Answer:
FV= $669.11
Step-by-step explanation:
Giving the following information:
Purchase price (PV)= $800
Decrease value (d)= 1.5% per year
Number of periods (n)= 12 years
<u>To calculate the value of the card after 12 years, we need to use the following formula:</u>
FV= PV / (1 + d)^n
FV= 800 / (1.015^12)
FV= $669.11
