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Three professors examined awareness of four widely disseminated retirement rules among employees at the university of Utah. These rules provide simple answer to questions about retirement about retirement planning (R.N. Mayer, C.D. Zick, and M. Glattle, “public Awareness of Retirement planning Rules of Thumb,� Journal of personal Finance, 2011 10(1), 12-35). At the time of the investigation there were approximately 10,000 benefited employee and 3,095 participated in the study. Demographic data collected on these 3,095 employees included gender age (years), education level (years completed), marital status, household income ($) and employment category.
a. Describe the population of interest
b. Describe the sample that was collected.
c. Indicate whether each of the demographic variables mentioned is categorical or numerical.
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- AutoWrecks, Inc. sells auto insurance. AutoWrecks keeps close tabs on its customers' driving records, updating its rates according to the trends indicated by these records. AutoWrecks' records indicate that, ina "typical" year, roughly 70% of the company's customers do not commit a moving violation, 10% commit exactly one moving violation, 15% commit exactly two moving violations, and 5% commit three or moremoving violations.This past year's driving records for a random sample of 100 AutoWrecks customers are summarized by the first row of numbers in the table below. That row gives this year's observed frequency for each moving violation category for the sample of 100 AutoWrecks customers. The second row of numbers gives thefrequencies expected for a sample of 100 AutoWrecks customers if the moving violations distribution for this year is the same as the distribution for a "typical" year. The bottom row of numbers contains thefollowing value for each of the moving violation categories.…arrow_forward10 There is some evidence that, in the years 1981 – 85, a simple name change resulted in a short-term increase in the price of certain business firms' stocks (relative to the prices of similar stocks). (See D. Horsky and P. Swyngedouw, "Does it pay to change your company's name? A stock market perspective," Marketing Science v.6, pp. 320 - 35, 1987.) Suppose that, to test the profitability of name changes in the more recent market (the past five years), we analyze the stock prices of a large sample of corporations shortly after they changed names, and we find that the mean relative increase in stock price was about 0.79%, with a standard deviation of 0.16%. Suppose that this mean and standard deviation apply to the population of all companies that changed names during the past five years. Complete the following statements about the distribution of relative increases in stock price for all companies that changed names during the past five years. (a) According to Chebyshev's theorem, at…arrow_forward13. Prior to a set of compensation policy changes at a company 30% of the employees surveyed said that they liked their job very much, 50% said that they liked their job moderately, and the remaining employees said that they were dissatisfied with their job. Now, in a survey of 200 employees, 76 said they liked their job very much, 105 said that they liked their job moderately, and the remaining employees said that they were dissatisfied with their job. When testing (at the 5% level of significance) whether the proportions have changed, what is the null and alternative hypotheses?arrow_forward
- 15. Prior to a set of compensation policy changes at a company 29% of the employees surveyed said that they liked their job very much, 52% said that they liked their job moderately, and the remaining employees said that they were dissatisfied with their job. Now, in a survey of 208 employees, 75 said they liked their job very much, 110 said that they liked their job moderately, and the remaining employees said that they were dissatisfied with their job. When testing (at the 10% level of significance) whether the proportions have changed, what is the critical value? (please round your answer to 3 decimal places)arrow_forwardIndividuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that one of the reasons that individuals wait until the last five days to file their returns is that on average those individuals have a lower refund than early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher’s contention. For a sample of 600 individuals who filed a return between April 10 and April 15, the sample mean refund was $1050 and the standard deviation was $500. Compute the p-value. Using α = 0.05, what is your conclusion? Test the hypotheses using the critical value approach (α = 0.025).arrow_forward6. The Computer Security Institute (CSI) conducts an annual survey of computer crime at U.S. businesses. CSI sends survey questionnaires to computer security personnel at all U.S. corporations and government agencies. The 2010 CSI survey was sent and 351 organizations responded. One of the survey questions asked respondents to indicate the percentage of monetary losses attributable to malicious actions by individuals within the organization (i.e., malicious insider actions). The following table summarizes the data for the 144 firms who experienced some monetary loss due to malicious insider actions. Lower Bound 0 10 20 30 40 50 60 70 80 90 Sum Upper Bound 10 20 30 40 50 60 70 80 90 100 Cell Midpoint 5 15 25 35 45 55 65 75 85 95 Frequency 43 55 16 3 2 1 9 4 5 6 144 a. Find the mean percentage loss for the sample of firms who reported some loss. b. Find the median, upper and lower quartiles. c. Draw the box plot. d. Would you describe this distribution as symmetric or skewed? Justify. e.…arrow_forward
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