THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 27

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The mean household income,in dollars,must be estimated for a town that is divided into three districts.The relevant information is shown in the table.

A 95% confidence interval for the population mean that extends $550 on each side of the sample estimate is required.
-A bank holds 750 delinquent mortgages in residential properties.It requires an estimate of the mean current appraised value of these properties.Initially,a random sample of 25 was appraised,and a sample standard deviation of $38,400 was found.If the bank requires a 90% confidence interval for the population mean extending $5,000 on each side of the sample mean,how many more properties must be appraised?

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Definitions:

Observation

The act of closely monitoring or scrutinizing behaviors, events, or phenomena to gather data and draw conclusions.

Goal Setting

The process of identifying something that one aims to achieve, often through specific, measurable, attainable, relevant, and time-bound objectives.

Rehearsal

The practice or process of practicing an action or performance in preparation for a public presentation.

Continuous Reinforcement

A learning process in which a behavior is rewarded every time it occurs, leading to faster acquisition of the behavior.