As these researchers state, “Robbing a bank is the staple crime of thrillers, movies and newspapers. But . . . bank robbery is not all it is cracked up to be.” The researchers concentrated on the factors that determine the amount of proceeds from bank robberies, and thus were able to work out both the economics of attempting one and of preventing one. In particular, the researchers revealed that the return on an average bank robbery per person per raid is modest indeed—so modest that it is not worthwhile for the banks to spend too much money on such preventative measures as fast-rising screens at tellers’ windows. The researchers obtained exclusive data from the British Bankers’ Association. In one aspect of their study, they analyzed the data from a sample of 364 bank raids over a several-year period in the United Kingdom. The following table repeats a portion of Table 1 on page 19 of the article. ariable Mean standar deviation Amount stolen (pounds sterling) 20,330.50 53,510,2 Number of bank staff present 5.417 4.336 Number of customers present 2000 3.684 Numbers of bank raiders 1.637 0.971 Travel time, in minutes from bank to nearest police station 4.557 4.028 I must use summary statistics for data on bank robberies for five variables: amount stolen, number of bank staff present, number of customers present, number of bank raiders, and travel time from the bank to the nearest police station. a. Identify and interpret a point estimate for theme an ofeachof the five aforementioned variables. BIOGRAPHY b. Find and interpret a 95% confidence interval for the mean amount stolen. c. Find and interpret a 95% confidence interval for the mean number of bank staff present at the time of robberies . d. Determine and interpret a 95% confidence interval for the mean number of customers present at the time of robberies. e. Determine and interpret a 95% confidence interval for the mean number of bank raiders. f. Obtain and interpret a 95% confidence interval for the mean travel time from the nearest police station to the bank outlet
As these researchers state, “Robbing a bank is the staple crime of thrillers, movies and newspapers. But . . . bank robbery is not all it is cracked up to be.” The researchers concentrated on the factors that determine the amount of proceeds from bank robberies, and thus were able to work out both the economics of attempting one and of preventing one. In particular, the researchers revealed that the return on an average bank robbery per person per raid is modest indeed—so modest that it is not worthwhile for the banks to spend too much money on such preventative measures as fast-rising screens at tellers’ windows. The researchers obtained exclusive data from the British Bankers’ Association. In one aspect of their study, they analyzed the data from a sample of 364 bank raids over a several-year period in the United Kingdom. The following table repeats a portion of Table 1 on page 19 of the article.
| ariable | Mean | standar deviation |
| Amount stolen (pounds sterling) | 20,330.50 | 53,510,2 |
| Number of bank staff present | 5.417 | 4.336 |
| Number of customers present | 2000 | 3.684 |
| Numbers of bank raiders | 1.637 | 0.971 |
| Travel time, in minutes from bank | ||
| to nearest police station | 4.557 | 4.028 |
I must use summary statistics for data on bank robberies for five variables: amount stolen, number of bank staff present, number of customers present, number of bank raiders, and travel time from the bank to the nearest police station.
a. Identify and interpret a point estimate for theme an ofeachof the five aforementioned variables. BIOGRAPHY
b. Find and interpret a 95% confidence interval for the mean amount stolen.
c. Find and interpret a 95% confidence interval for the mean number of bank staff present at the time of robberies
. d. Determine and interpret a 95% confidence interval for the mean number of customers present at the time of robberies.
e. Determine and interpret a 95% confidence interval for the mean number of bank raiders.
f. Obtain and interpret a 95% confidence interval for the mean travel time from the nearest police station to the bank outlet
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