A Marketing Firm Is Interested to Know Whether the Median

question 101

Multiple Choice

A marketing firm is interested to know whether the median age of college students is 21 years. A sample of 80 college students is taken. Thirty of the students were under 21, 45 of the students were over 21, and 10 were 21 years old. The conclusion is that

• A) the median age of college students is significantly different from 21.
• B) the median age of college students is not significantly different from 21.
• C) the median age of college students is significantly older than from 21.
• D) the median age of college students is significantly younger than from 21.

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Definitions:

Reserve Requirement

The minimum amount of funds that a bank must hold in reserve against deposits made by customers.

Reserves

Funds or material set aside or saved for future use; in banking, refers to the amount of funds that a bank holds in reserve to meet central bank requirements and withdrawals.

Reserve Requirement

A regulation set by central banks determining the minimum amount of reserves that must be held by commercial banks, intended to ensure bank liquidity and stability.

Deposits

Deposits are funds placed into an account at a financial institution, often earning interest over time.