Which of the following is /are true?
Answer(s): C
Multiplying every value in a distribution by 2 will double the sample mean and standard deviation and quadruples the variance. Adding a constant to every value in a distribution leaves the sample variance unchanged.
If one or more numbers in a dataset are negative, which of the following is not always defined?
The geometric mean involves taking mathematical roots. These operations are not always defined to give real numbers when you are dealing with negative numbers.
A survey of 144 retail stores revealed that a particular brand and model of a VCR retails for $375 with a standard deviation of $20. What is the 99% confidence interval to estimate the true cost of the VCR?
Answer(s): B
For 99%, the z value will be 2.575. Therefore we have 375 +/- 2.575*20.
What monthly deposit would you need to make, beginning one month from today, into an account paying 11% per year, compounded monthly, in order to have $500,000 in 30 years?
On the BAII Plus, press 360 N, 11 divide 12 = I/Y, 0 PV, 500000 FV, CPT PMT. On the HP12C, press 360 n, 11 ENTER 12 divide i, 0 PV, 500000 FV, PMT. Note that the answer will be displayed as a negative number. Make sure that the BAII Plus has the value of P/Y set to 1.
Each salesperson in a large department store chain is rated either below average, average, or above average with respect to sales ability. Each salesperson is also rated with respect to his or her potential for advancementeither fair, good, or excellent. These traits are the 500 salespeople were cross classified into the following table.Sales Ability Potential for AdvancementFair Good ExcellentBelow Average 161222Average 456045Above Average 9372135What is the probability that a sales person selected at random will have below average sales ability and fair potential for advancement?
Answer(s): E
prob. of selecting a below average person: (16 + 12 + 22)/500 = 1/10. Prob. of selecting fair potential amongst those in the below average group: 16/50 = 8/25. Therefore 1/10*8/25 = 4/125.
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