A Statistics Professor Wishes to Estimate the Average Mark on a Term

question 19

Multiple Choice

A statistics professor wishes to estimate the average mark on a term test for a course that has multiple sections and many students. A survey of some of the students registered for the course reveals the following results: The student from the course wonders whether the population mean could have been 60 or 80.

• A) Since 80 is within the 95% confidence interval, the population mean is likely to be 80.
• B) Since 80 is not within the 95% confidence interval, the population mean is not likely to be 80.
• C) Since 60 is within the 95% confidence interval, the population mean is likely to be 60.
• D) Since neither 60 nor 80 is within the 95% confidence interval, the population mean is not likely to be 60 or 80.
• E) B & C are true

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Definitions:

Compounded Monthly

Describes the process of calculating interest on both the initial principal and the accumulated interest from previous periods on a monthly basis.

Mortgage

A loan used to purchase real estate, secured by the property itself, which the borrower is obligated to pay back with a predetermined set of payments.

Balance

The amount of money in a financial repository, such as a bank account, at any given time, or the equilibrium state of an account after considering all debits and credits.

Insurance Settlement

The process where an insurance company pays out to a policyholder after a claim has been verified.