A stratified simple random sample is to be taken of a bank’s customers to learn about a variety of altitudinal and demographic issues. The stratification is to be based on savings account balances as of January 30, 2013. A frequency distribution showing the number of accounts in each stratum, together with the standard deviation of account balances by stratum, follows. Stratum ($) Accounts Standard Deviation of Account Balances 0.00–1000.00 3000 80 1000.01–2000.00 600 150 2000.01–5000.00 250 220 5000.01–10,000.00 100 700 over 10,000.00 50 3000 a. Assuming the cost per unit sampled is approximately equal across strata, determine the total number of persons to include in the sample. Assume we want a bound on the error of estimate of the population mean for savings account balances of B = $20. b. Use the Neyman allocation procedure to determine the number to be sampled for each stratum.

BuyFind

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
BuyFind

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

Solutions

Chapter
Section
Chapter 22, Problem 23SE
Textbook Problem

A stratified simple random sample is to be taken of a bank’s customers to learn about a variety of altitudinal and demographic issues. The stratification is to be based on savings account balances as of January 30, 2013. A frequency distribution showing the number of accounts in each stratum, together with the standard deviation of account balances by stratum, follows.

Stratum ($) Accounts Standard Deviation of Account Balances
0.00–1000.00 3000 80
1000.01–2000.00 600 150
2000.01–5000.00 250 220
5000.01–10,000.00 100 700
over 10,000.00 50 3000
  1. a. Assuming the cost per unit sampled is approximately equal across strata, determine the total number of persons to include in the sample. Assume we want a bound on the error of estimate of the population mean for savings account balances of B = $20.
  2. b. Use the Neyman allocation procedure to determine the number to be sampled for each stratum.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 22 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Additional Math Textbook Solutions

Find more solutions based on key concepts
Explain why contribution margin per unit becomes profit per unit above the break-even point.

Managerial Accounting: The Cornerstone of Business Decision-Making

CAPITAL BUDGETING CRITERIA Your division is considering two projects. Its WACC is 10%, and the projects after-t...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Intangible assets are depreciated; plant assets are amortized.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

What is systems implementation?

Pkg Acc Infor Systems MS VISIO CD

In Problems 19-44, factor completely. 28.

Mathematical Applications for the Management, Life, and Social Sciences

If sin =12, find: a csc ____________ b ____________

Elementary Geometry for College Students

Evaluate the indefinite integral. sin2x1+cos2xdx

Single Variable Calculus: Early Transcendentals, Volume I

Grazing Kangaroos The amount of vegetation eaten in a day by a grazing animal V of food available measured as b...

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

Name each polygon:

Elementary Technical Mathematics

A definite integral for the length of y = x3, 1 x 2 is a) 121+x3dx b) 121+x6dx c) 121+9x4dx d) 121+3x2dx

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Prove that limx0+lnx=

Single Variable Calculus: Early Transcendentals

Graph each function. fx=log1/4x

College Algebra (MindTap Course List)

Simplify each radical expression. 1(513)2

Trigonometry (MindTap Course List)

In Exercises 2340, find the indicated limit. 26. limx23x

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

12. Time Warner Cable provides television and Internet service to over 15 million people (Time Warner Cable web...

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

Compare the result obtained in part (b) of Problem 43 with the solution obtained using variation of parameters ...

A First Course in Differential Equations with Modeling Applications (MindTap Course List)