If $2,500 is deposited into a new account that earns 2% interest compounded quarterly and there are no other deposits or withdra
1 answer:
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Answer:
1. The error in the assumption is taking the sample mean, , as being equal to the population mean, μ
2. To correct the error, the manager will need to generate the confidence interval based on the population standard deviation on the acceptable values of the mean using the following relation;
Step-by-step explanation:
We note that from the central limit theorem as the size of the sample, n, becomes more and more larger, the mean of the sample, , approaches that of the population mean, μ, therefore as the grocery store manager uses the sample mean as the population mean's point estimate an error will be observed based on the size of the sample compared to the population, where the difference between the two means (the population mean and the sample mean) is
1. The error in the assumption is taking the sample mean, , as being equal to the population mean, μ
2. To correct the error, the manager will need to generate the confidence interval based on the population standard deviation on the acceptable values of the mean using the following relation;
Where:
σ = Population standard deviation = $30
z = z value at 95% confidence level = 1.96
= Sample mean $160
n = Sample size = 10
Plugging in the values, we have;
$141.4 < < $178.6
Hence the expected value of the mean should be between $141.4 and $178.6.
Answer:
C. When the survey was initially conducted average sales of smartphones was 1.7 millions units.
Step-by-step explanation:
We have been given that the average annual sales of smartphones, in million units, n years after the survey is conducted is modeled by function , where the parameter b is an unknown positive base.
We are asked to find the true statement about our given function.
A. If b= 1.45, the annual growth rate of the sales of smartphones is 145%.
Since we know that b equals (1+r) for growth function, where r is in decimal form.
If b=1.45, it means that the annual growth rate will be 45% as 0.45 is decimal form of 45%, therefore, statement A is not true.
B. If b= 1.02, annual sales of smartphones will double in 2 years.
If b=1.02, it means that the annual growth rate will be 2% as 0.02 is decimal form of 2%, therefore, statement B is not true.
C. When the survey was initially conducted average sales of smartphones was 1.7 millions units.
Since we know that an exponential function is in form , where a in initial value of function. We can see from our given function that a equals 1.7, therefore option C is a true statement.
D. The average sales of smartphones increases by 1.7 millions units every year.
Since our function is not a linear function, instead it is an exponential function, so rate of change can not be constant.
Therefore, option D is not true regarding our given function.