june 2

MGT 3310 Homework 2 Summer I 2022

Chapter 8

1. A sample survey of 54 discount brokers showed that the mean price charged for a trade of 100 shares at $50 per share was $33.77. The survey is conducted annually. With the historical data available, assume a known population standard deviation of $15.

a. Using the sample data, what is the margin of error associated with a 95% confidence interval?

b. Develop a 95% confidence interval for the mean price charged by discount brokers for a trade of 100 shares at $50 per share.

2. A local university administers a comprehensive examination to the recipients of a B.S. degree in Business Administration. A sample of 5 examinations is selected at random and scored. The scores are shown below.

Grade

54

68

75

80

98

At 98% confidence, determine an interval for the mean of the population.

Due Date: Jun 9, 11:59pm

Note: Homework solution must be submitted electronically to Homework 2 folder in “Assignments” on D2L.

It is your choice to submit all of your work or just the final answer only. If you only submit the final answer and the answer is wrong, you will lose all the points assigned to that question. If you also show the steps how you get that answer, you still can earn partial credit as long as the steps are not completely wrong.