THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 123

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The number of hours spent studying by students on Michigan State campus in the week before final exams follows a normal distribution with standard deviation 9.5 hours.A random sample of these students is taken to estimate the population mean number of hours studying.
-Without doing the calculations,state whether a larger or smaller sample would be required to guarantee that the probability that the sample mean differs from the population mean by more than 2.1 hours is less than 0.10,when compared to the sample needed to ensure that the probability that the sample mean differs from the population mean by more thatn 2.1 hours is less than 0.05.

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Definitions:

Compound Interest

Interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.

Present Value

The present-day worth of an impending financial sum or sequence of cash disbursements, determined by a specific return rate.

Compounded Semiannually

This process involves the interest being calculated and added to the principal sum twice a year, leading to interest on interest.

Compound Interest

Interest determined on the original amount of a deposit or loan, incorporating all the earned interest from past periods as well.