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A statistics teacher wants to know how students in her school feel about mathematics courses. She decides to administer a
survey to a random sample of students taking a mathematics course. She has several sampling plans to choose from.
a. There are four ranks of students taking the class: freshmen, sophomores, juniors, and seniors. Randomly select 15 students
from each class rank.
b. Randomly select ten math class sections and survey every student in each of those sections.
c. Each student has a nine-digit student number. Randomly choose 60 different nine-digit numbers and survey the students
that correspond to those numbers.
d. Randomly select a number from 1 to 5. Using the class roster, start at that number, then select every fifth student from the
list after that.
-Name the sampling strategy in each plan.
Compensating Balance
A minimum account balance that a borrower must maintain as a condition for a bank loan, often to compensate the bank for extending credit.
Interest Rate
Interest Rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Effective Annual Interest Rate
The real return on an investment after accounting for the effect of compounding interest over a period.
Inventory Period
The average time it takes for inventory to be sold and replaced over a period, indicating the efficiency of a company's inventory management.
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