Question

In: Statistics and Probability

Rock band The Rolling Stones have played scores of concerts in the last twenty years. For...

Rock band The Rolling Stones have played scores of concerts in the last twenty years. For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.19 million dollars.

Part a) Assuming a population standard deviation gross earnings of 0.48 million dollars, obtain a 99% confidence interval for the mean gross earnings of all Rolling Stones concerts (in millions). Please carry at least three decimal places in intermediate steps. Give your answer to the nearest 3 decimal places.

Confidence interval: ( , ).

Solutions

Expert Solution

Solution :

Given that,

Point estimate = sample mean = = 2.19

Population standard deviation =    = 0.48

Sample size = n =30

At 99% confidence level the z is ,

  = 1 - 99% = 1 - 0.99 = 0.01

/ 2 = 0.01 / 2 = 0.005

Z/2 = Z0.005 = 2.576

Margin of error = E = Z/2* ( /n)

= 2.576* (0.48 / 30)

= 0.226

At 99% confidence interval estimate of the population mean is,

- E < < + E

2.19 - 0.226 < < 2.19 +0.226

1.964< < 2.416

(1.964 ,  2.416 )

orchestra answered 1 year ago
Next > < Previous

Related Solutions

Rock band The Rolling Stones have played scores of concerts in the last twenty years. For...
Rock band The Rolling Stones have played scores of concerts in the last twenty years. For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.65 million dollars. Part a) Assuming a population standard deviation gross earnings of 0.47 million dollars, obtain a 99% confidence interval for the mean gross earnings of all Rolling Stones concerts (in millions). Please carry at least three decimal places in intermediate steps. Give your answer to the nearest 3 decimal places. confidence...
a) For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.36 million dollars....
a) For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.36 million dollars. Assuming a population standard deviation gross earnings of 0.48 million dollars, obtain a 99% confidence interval for the mean gross earnings of all Rolling Stones concerts (in millions). Confidence interval: ( , ). b) Which of the following is the correct interpretation for your answer in part (a)? A. We can be 99% confident that the mean gross earnings of all Rolling Stones concerts...
a) For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.79 million dollars....
a) For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.79 million dollars. Assuming a population standard deviation gross earnings of 0.47 million dollars, obtain a 99% confidence interval for the mean gross earnings of all Rolling Stones concerts (in millions). Confidence interval: ( __________________ , __________________ ).
1) For 31 randomly selected Rolling Stones concerts, the mean gross earnings is 2.61 million dollars....
1) For 31 randomly selected Rolling Stones concerts, the mean gross earnings is 2.61 million dollars. Assuming a population standard deviation gross earnings of 0.5 million dollars, obtain a 99% confidence interval (assume C-Level=0.99) for the mean gross earnings of all Rolling Stones concerts (in millions). Confidence interval: ___,___ 2) correct interpretation for part 1 answers? a. 99% chance that the mean gross earnings of all rolling stones concerts lies in the interval b. 99% confident that the mean gross...
You wish to have $200,000 at the end of twenty years. In the last five years,...
You wish to have $200,000 at the end of twenty years. In the last five years, you withdraw $1,000 annually at a rate of 3.8% compounded quarterly. During the middle ten years, you contribute $500 monthly at a rate of 2.8% compounded semi-annually. Given this information, determine the initial deposit that has to be made at the start of the first five years at a rate of 4% compounded monthly.
You wish to have $250,000 at the end of twenty years. In the last five years,...
You wish to have $250,000 at the end of twenty years. In the last five years, you withdraw $1,000 annually at a rate of 3.8% compounded quarterly. During the middle ten years, you contribute $500 monthly at a rate of 2.8% compounded semi-annually. Given this information, determine the initial deposit that has to be made at the start of the first five years at a rate of 4% compounded monthly?
3. The Krov band is touring the UK. They have played eight dates and already their...
3. The Krov band is touring the UK. They have played eight dates and already their tour is a great success. Total post-gig sales (merchandising, CDs etc.) on each date have been: Date no. Sales (£000s) 1 3 2 7 3 15 4 14 5 18 6 21 7 16 8 22 9 Apply the exponential smoothing model with a coefficient of 0.4 to predict the value of post-gig sales after the next tour date (Date no. 9). Compute the...
The history of the internet Trade barrier changes in the last twenty years
The history of the internet Trade barrier changes in the last twenty years
Two brothers, Liam and Noel, play in a rock and roll band. The brothers each have...
Two brothers, Liam and Noel, play in a rock and roll band. The brothers each have 3 sons. Liam and Noel want to predict the mean drum roll speed (in hits per ten seconds) at age 5 years that would be expected for a new son. To do this, they'll use estimators based on the six children's drum roll speeds, all measured at age 5. Due to a rare genetic variant that Liam has (and that Noel does not have),...
‘The rapid economic growth of China and India in the last twenty years owes much to...
‘The rapid economic growth of China and India in the last twenty years owes much to the size of theirs economies, so their experience cannot be replicated in smaller economies.’ Discuss using relevant literature and data to compare the economic performance of either China or India with one of their smaller neighbours.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT