excel assignment help

Homework5.xlsx

Question 1

Homework 5: Due October 16, 2020 by 11:59 pm

Question one:

A well-known bank credit card firm wishes to estimate the proportion of credit card holders

who carry a nonzero balance at the end of the monthand incur an interest charge. Assume

that the desired margin of error is .03 at 98% confidence.

a) How large a sample should be selected if it is anticipated that 70% of the firms card

holders carry a nonzero balance at the end of the month?

b) How large a sample should be selected if no planning value for the proportion could

be specified?

Homework 5: Question 2

The 92 million Americans of age 50 and over control 50% of discretionary income. AARP estimates

that the average annual expenditue on restaurants and carryout food was $1,873 for individuals in

this age group. Suppose this estimate is based on a sample of 80 persons and that the sample standard

deviation is $550.

a) At a 95% confidence, what is the margin of error?

b) What is the 95% confidence interval for the population mean amount spent on restaurants and carryout food?