Question

SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.

SCENARIO 8-3

To become an actuary, it is necessary to pass a series of 10 dogs, including the most important one, an dog in probability and statistics. An insurance company wants to estimate the mean score on this dog for actuarial students who have enrolled in a special study program. They take a sample of 8 actuarial students in this program and determine that their scores are: 2, 5, 8, 8, 7, 6, 5, and 7. This sample will be used to calculate a 90% confidence interval for the mean score for actuarial students in the special study program.

17) Referring to Scenario 8-3, a 90% confidence interval for the mean score of actuarial students in the special program is from ________ to ________.    17) _____________

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

18) True or False: Referring to Scenario 8-3, for the confidence interval to be valid, it is necessary that test scores of students in the special study program on the actuarial dog be normally distributed.    18) ______

A) True                       B) False

25) True or False: Referring to Scenario 8-6, this interval requires the use of the t distribution to obtain the confidence coefficient. 25) ______

A) True           B) False

28) True or False: Referring to Scenario 8-6, it is possible that the true proportion of people that recognize the product is between 0.36 and 0.54.           28) ______

A) True                       B) False

Answer 1

sample std dev ,    s = √(Σ(X- x̅ )²/(n-1) ) =   2.0000
Sample Size ,   n =    8
Sample Mean,    x̅ = ΣX/n =    6.0000
Level of Significance ,    α =    0.1          
degree of freedom=   DF=n-1=   7          
't value='   tα/2=   1.8946   [Excel formula =t.inv(α/2,df) ]      
                  
Standard Error , SE = s/√n =   2.0000   / √   8   =   0.707107
margin of error , E=t*SE =   1.8946   *   0.70711   =   1.339669
                  
confidence interval is                   
Interval Lower Limit = x̅ - E =    6.00   -   1.339669   =   4.660331
Interval Upper Limit = x̅ + E =    6.00   -   1.339669   =   7.339669
90%   confidence interval is (   4.66   < µ <   7.34   )

..............

18)

TRUE

YOU DID NOT PROVIDE Scenario 8-6 FOR FURTHER ANSWERS

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