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Notes For Exam 3

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11 views2 pages

Notes For Exam 3

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whitemonkey17
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© © All Rights Reserved
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Chapter 7

Beer bottles are filled so that they contain an average of 450 ml of beer in each bottle. Suppose that the
amount of beer in a bottle is normally distributed with a standard deviation of 8 ml.

=NORM.DIST(444, 450, 8, TRUE)

However if using multiple subjects for testing use sqrt

What is the probability that a randomly selected 6-pack of beer will have a mean amount less than 444
ml?

=NORM.DIST(444, 450, 8/SQRT(6), TRUE)


Chapter 8

A simple random sample of 33 observations is derived from a normally distributed population with a
population standard deviation of 5.6.

Compute the margin of error with 95% confidence.

=NORM.INV(0.975, 0, 1)*5.6/SQRT(33)

=CONFIDENCE.NORM(0.05,5.6,33)

Compute the margin of error with 90% confidence.

=NORM.INV(0.950, 0, 1)*5.6/SQRT(33)

=CONFIDENCE.NORM(0.1,5.6,33)

In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a
random sample of 13 recent loans is taken. The average calculated from this sample is 6.30%. It can be
assumed that 30-year fixed mortgage rates are normally distributed with a population standard
deviation of 0.50%. Compute 90% and 95% confidence intervals for the population mean 30-year fixed
mortgage rate.

90% confidence interval

Lower Limit: =6.30-NORM.INV(0.950, 0, 1)*0.5/SQRT(13)

Upper Limit: =6.30+NORM.INV(0.950, 0, 1)*0.5/SQRT(13)

Consider a normal population with an unknown population standard deviation. A random sample
results in x¯x¯ = 64.54 and s2s-squared = 46.24.

Compute the 90% confidence interval for μ if x¯x¯ and s2s-squared were obtained from a sample of 27
observations.

In Excel:

Lower Limit: =64.54-T.INV(0.950, 22)*SQRT(46.24)/SQRT(23)

Upper Limit: =64.54+T.INV(0.950, 22)*SQRT(46.24)/SQRT(23)


A simple random sample of 12 observations is derived from a normally distributed population with a
population standard deviation of 4.2.

Compute the margin of error with 99% confidence.

In Excel: =NORM.INV(0.995, 0, 1)*4.2/SQRT(12)

Chapter 9

H0: μ = 110

HA: μ ≠ 110

The population is normally distributed with a population standard deviation of 63.

Calculate the value of the test statistic with x−x− = 133 and n = 80.

Test Statistic example

((133-110)/(63/sqrt(80))

Two tailed test example

=2*NORM.DIST(-1.7037, 0, 1, TRUE)

Right Tailed Test

=1-norm.s.dist(z,True)

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Left Tailed Test

=norm.s.dist(z,true)

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Type I and Type II Errors

Type I: Reject the null hypothesis when true

Type II: Do no note reject the null hypothesis when it is false

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