Answer:
a) X=77 drivers
b) Power of the test = 0.404
c) Increasing the sample size.
Step-by-step explanation:
This is a hypothesis test of proportions. As the claim is that the speed monitors were effective in reducing the speeding, this is a left-tail test.
For a left-tail test at a 5% significance level, we have a critical value of z that is zc=-1.645. This value is the limit of the rejection region. That means that if the test statistic z is smaller than zc=-1.645, the null hypothesis is rejected.
The proportion that would have a test statistic equal to this critical value can be expressed as:
The standard error of the proportion is:
Then, the proportion is:
This proportion, with a sample size of n=150, correspond to
The power of the test is the probability of correctly rejecting the null hypothesis.
The true proportion is 0.52, but we don't know at the time of the test, so the critical value to make a decision about rejecting the null hypothesis is still zc=-1.645 corresponding to a critical proportion of 0.51.
Then, we can say that the probability of rejecting the null hypothesis is still the probability of getting a sample of size n=150 with a proportion of 0.51 or smaller, but within a population with a proportion of 0.52.
The standard error has to be re-calculated for the new true proportion:
Then, we calculate the z-value for this proportion with the true proportion:
The probability of getting a sample of size n=150 with a proportion of 0.51 or lower is:
Then, the power of the test is β=0.404.
The only variable left to change in the test in order to increase the power of the test is the sample size, as the significance level can not be changed (it is related to the probability of a Type I error).
It the sample size is increased, the standard error of the proprotion decreases. As the standard error tends to zero, the critical proportion tend to 0.58, as we can see in its equation:
Then, if the critical proportion increases, the z-score increases, and also the probability of rejecting the null hypothesis.
Answer:
15. Hope it helps!
Step-by-step explanation:
Answer:
13. B
14. A
both declining slopes
Answer:
a) $1056.33 b) 23 years
Step-by-step explanation:
a) 10000(1+1.85/100)^3=10565.33 (2d.p.)
b) let x be the no. of years
15000 = 10000(1+1.85/100)^x
1.5 = 1.0185^x
ln both sides
ln 1.5 = x ln 1.0185
x = ln 1.5/ln 1.0185
=22.11
=23 years (rounded up)
To calculate the future value of an investment using continuous compounding, you use the formula A = P*e^(rt). For a $10,000 investment at 1.85% annual interest, its value after 3 years is calculated by substituting the given values into the formula. To find out how many years it will take for the investment to reach $15,000, rearrange the formula to solve for t: t = ln(A/P)/r, and substitute the values.
The subject of your question is related to the mathematical concept known as continuouscompound interest, which Stanley Bank is applying to its money market account. In this concept, the formula is A = P×e^(rt), where A is the final amount that will be accumulated after t years, P is the principal amount or the initial investment, r is the interest rate in decimals (1.85% would be 0.0185), and e is Euler's number (~2.72).
a) To calculate the value of an investment of $10,000 after 3 years with an annual interest rate of 1.85%, you would use the formula: A = $10,000 × e^(0.0185 ×3). This will give you the total value of the investment after 3 years.
b) To calculate the number of years it will take for your investment to amount to $15,000 with the same interest rate, you would need to re-arrange the formula to solve for t: t = ln(A/P) / r. So, it would be calculated as: t = ln($15,000/$10,000) / 0.0185. This would give you the number of years it will take for your initial investment to reach $15,000.
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Answer:
B. $213.30
Step-by-step explanation:
Mean amount spent on Christmas gifts = Σx / n
Where,
Σ= sum of
x= cost of each Christmas gifts
n= number of Christmas gift
Mean amount spent on Christmas gifts = Σx / n
= ( $178.622 + $247.583 + $228.454 + $176.645 + $180.226 + $268.45 ) / 6
= $1,279.98 / 6
= $213.33
Round to the nearest cent
= $213.30
Option b is the correct answer
The mean amount spent by six college buddies on Christmas gifts, They spent: approximately $213.33 when rounded to the nearest cent.
The process is quite straightforward and involves the principles of statistics, particularly the calculation of the arithmetic mean. Here are the steps we can follow to solve this problem:
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5 x 2 - 8
2 x 3 6
-------------- = -------- = 3
5 x 2 - 8 2