Jonathan, a researcher, wants to know the average variation in altimeters of small, privately owned airplanes. This task is expe
nsive and time-consuming, if even possible, given the large number of such airplanes. Jonathan decides to use government records to randomly locate the owners of 10 such planes, and then solicit permission to test the altimeters. When Jonathan is done, he will use the data gathered from the group of 10 to reach conclusions about all small, privately owned airplanes. The average variation computed using the data gathered on the group of 10 airplanes is best described as
Inferential statistics is defined as the method in which a data sample is taken from population so that inference about basic population can be made. Conclusion about certain characteristic or property of bigger population from small sample is based upon considering sample as guideline for wider group of population.
According to the question,Jonathan is using inferential statistic method for researching about average differences in small airplanes which are owned privately by people. Instead of conducting research on large amount of such planes, he is performing it on ten planes sample with the help of government record.
This group of ten planes are representing major population of small and private planes.Thus, the output remarking about variation in group of ten planes will represent the basic variation present in population of such planes.
The maturity value is the principal value together with interest due. .. mv = P +Prt .. = 5350*(1 +0.085*120/360) . . . . . . year is 360 days for "ordinary interest" .. ≈ 5501.58
