A Random Sample of Nine Telephone Calls in an Office

question 73

Short Answer

A random sample of nine telephone calls in an office provided the following information.
a.Determine the point estimate for the average duration of all calls.
b.What is the point estimate for the standard deviation of the population?
c.What is the point estimate for the proportion of all calls that were long distance?

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Definitions:

Interest Rate

A percentage that measures the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.

Equal Payments

A series of payments of the same amount made at regular intervals for a specified period of time.

Loan Date

The specific date on which a loan agreement goes into effect or when the loan funds are disbursed.

Interest Rate

The percentage of a loan amount charged by the lender to the borrower for the use of money, expressed as an annual percentage.