mount of money.                                    Estimate the total amount of money paid per month.                          Estimate the standard error of the monthly average

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
icon
Related questions
Topic Video
Question

QUESTION 14                                                                                                    

A researcher, after reviewing past salary payment records, revealed that a random sample of size n with a sampling fraction of 0.125, drawn from a finite population consisting of 2000 employees, showed a sample mean salary  of R19500 per month. Answer the following questions.

  1. Determine the sample total amount of money.                                   
  2. Estimate the total amount of money paid per month.                         
  3. Estimate the standard error of the monthly average salary.               
  4.  Construct and interpret a 95% confidence interval for µ.                  
  5. Estimate the standard error of the monthly total salary.                
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Hypothesis Tests and Confidence Intervals for Means
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON