The Geometric Mean Growth Rate of Sales for Used Cars

question 6

Short Answer

The geometric mean growth rate of sales for used cars in a geographic area from 2005 to 2009 was 16.42 percent. Annual sales in 2005 were $14.2 million. Find the ending value of sales after this four-year period. (Round your answer to 2 decimal places.)

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Definitions:

Type II Error

The mistake of failing to reject a false null hypothesis in a statistical test, also known as a false negative.

Control Chart

A tool used in quality control processes to monitor, control, and improve the process quality by plotting data points in time order and identifying any signals of unusual variation.

Type Error

Often refers to a Type I or Type II error in statistical hypothesis testing, misidentification of a true condition.

Null Hypothesis

In statistical hypothesis testing, it is the hypothesis that there is no effect or no difference, and any observed deviation is due to chance.