Statistics Questions

Question 1:

Part a

i). Determine the interval estimate of the population mean with 99% confidence.

ii). Determine the 95% confidence interval estimate of the population mean with sample size as 300.

iii). Comment

HI6025 Accounting theory and current issues

Part b

i). Estimate the probability that a randomly selected adult Australian will play spots more than 5 hours a day

ii). Probability that if 4 person are randomly selected, their average numbers of hours spending on playing sports more than 5 hours per day

iii). Probability that of 4 adult Australians are randomly selected that all 4 will play sports more than 5 hour a day…….

Solution:

Solution 1:

Current Developments in Accounting Thought

Part a:

The question has projected a normal distribution of the time that a teenager spends over the internet

Standard Deviation = 1.5 hours

Sample size = 100 individuals

Mean = 6.5 hours

i) Determination of the interval estimate of the population mean with 99% confidence:

Calculation of the standard error of mean:

Formula:

=Standard Deviation/

=1.5/

= 0.15

The estimation of Interval Estimates:

= Mean – (Reliability Coefficient*SEM) to Mean + (Reliability Coefficient*SEM)

Confidence is 2.575 at reliability coefficient 99%

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