Answer:
The minimum sample size is 1867 observations.
Step-by-step explanation:
We need to construct an 85% confidence interval that has an error less than 0.06. It means that the difference between the upper limit (UL) and the lower limit (LL) has to be 0.06.
The only variable we can adjust is the number of observations (n)
For a 85% confidence interval, the z-score is 1.440.
The estimated variance (s^2) is 0.81.
The error e is 0.06.
The sample has to be at least of 1867 observations.
Answer:
The answer is below
Step-by-step explanation:
The minimum payment on a credit card is based on the total amount owed. A credit card company uses the following rules: For a bill less than $20 the entire amount is due, for a bill of at least $20 but less than $500, the minimum due is $20. For a bill of at least $500 but less than $1000 the minimum due is $40 and for a bill of at least $1000 but less than $1500 the minimum due is $80 dollars. For a bill of $1500 or more the minimum due is 1/10th of the bill.
a. Write a function to describe the minimum payment due.
b. What is the minimum payment due if the bill is $345?
c. What is the minimum payment due if the bill is $1410?
d. What is the minimum payment due if the bill is $1700?
Solution:
Let B represent the minimum due payment for a bill in dollars and let x represent the bill in dollars. Therefore:
For x < 20, B = x
For 20 ≤ x < 500, B = 20
For 500 ≤ x < 1000, B = 40
For 1000 ≤ x < 1500, B = 80
For x ≥ 1500, B = (1/10)x
a)
b) For 20 ≤ x < 500, B = 20
Therefore if the bill is $345 (x = 345), the minimum payment due would be $20
c) For 1000 ≤ x < 1500, B = 80
Therefore if the bill is $1410 (x = 1410), the minimum payment due would be $80
d) For x ≥ 1500, B = (1/10)x
Therefore if the bill is $1700 (x = 1700), the minimum payment due would be $170 (1/10 * 1700)