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In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 (X) 1 X 201 (X330) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)

In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 (X) 1 X 201 (X330) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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(c) If a member of the sales force submits an entertainment expense (dinner cost for four) of $390, should this expense be considered unusually high (and possibly worthy of investigation by the company)? Explain your answer. O Yes O No
Transcribed Image Text:(c) If a member of the sales force submits an entertainment expense (dinner cost for four) of $390, should this expense be considered unusually high (and possibly worthy of investigation by the company)? Explain your answer. O Yes O No
In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 [XX #) [ X 201 [X 30) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)
Transcribed Image Text:In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force $312 342 $ 331 [XX #) [ X 201 [X 30) $369 $ 342 $ 326 (a) Use Excel to calculate X, s2, and s for the expense data. (Round the mean and the variance to 2 decimal places and the standard deviation to 3 decimal places.) (b) Assuming that the distribution of entertainment expenses is approximately normally distributed, calculate estimates of tolerance intervals containing 68.26 percent, 95.44 percent, and 99.73 percent of all entertainment expenses by the sales force. (Round intermediate calculations and final answers to 2 decimals.)
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