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A time series trend equation for Hammer Hardware is Y’ = 5.6 + 1.2t, where sales are in millions of dollars and t increases by one unit for each year. If the value of sales in the base year of 2016 is $5.6 million, what would be the estimated sales amount for 2018?
Explanation: The value of Hammer Hardware’s sales in the initial year of 2016 is $5.6 million and t = 0 for base year 2016. This means that in 2018 t will equal 2. This leaves us with following equation: Y’ = 5.6 + 1.2t = 5.6 +1.2*2 = 8 or 8 Million.
An auditor for American Health Insurance reports that 20% of policyholders submit a claim during the year. 15 policyholders are selected randomly. What is the probability that at least 3 of them submitted a claim the previous year?
Explanation: This is an example of a binomial distribution. This problem can be precisely solved in excel, but it can also be looked up in a binomial distribution table. On a table, n = 15 and P(x) = 0.2. Crossing these two values will give you .602 or 60.2% that 3 of people in the population submitted a claim the previous year.
A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. A sample of 64 smokers revealed that u = $20 and S = $5. What is the 95% confidence interval for μ?
$18.78 to $21.23
Explanation: This question can be solved using the following formula: P( [sample mean] - margin of error < μ < [sample mean] + margin of error) = 0.95. When we solve the correct variables, we get $18.78 to $21.23
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The main purpose of descriptive statistics is to
summarize data in a useful and informative manner
Explanation: In other words, descriptive statistics is all about making sense of complex data
The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called
Explanation: This is the most basic definition of statistics and encompasses all the more specialized forms of statistics below it, such as descriptive and interferential.
The performance of personal and business investments is measured as a percentage, return on investment. What type of variable is return on investment?
Explanation: The variable amount is constantly changing with the financial environment, thus called continuous.