Suppose that the number of dollars spent per week on groceries are normally distributed with an unknown mean and standard deviation. A random sample of 18 grocery bills is taken and gives a sample mean of 103 dollars and a sample standard deviation of 10 dollars.
The margin of error for a 98% confidence interval estimate for the population mean using the Student's t-distribution is 6.05. Find a 98% confidence interval estimate for the population mean using the Student's t-distribution.
Round the final answers to two decimal places.
We are given that the sample size $\sf\:n = 18$, sample mean $\sf\:\bar{X} = 103$, sample standard deviation $\sf\:S = 10$, and margin of error $\sf\:E = 6.05$ for a 98% confidence interval estimate for the population mean.
Using the formula for the margin of error, we can find the value of the t-score that corresponds to a 98% confidence level with 17 degrees of freedom (since we have 18 samples):
$\sf\:t_{0.01/2, 17} \implies 2.898$
Now, we can use the formula for a confidence interval estimate to find the lower and upper bounds of the interval:
$\sf\:\bar{X} - E \implies 103 - 6.05 < \mu < \bar{X} + E \implies 103 + 6.05$
Substituting in the values we have:
$\sf\:103 - 6.05 < \mu < 103 + 6.05$
Simplifying:
$\sf\leadsto\:96.95 < \mu < 109.05$
Therefore, a 98% confidence interval estimate for the population mean is $\sf\: (96.95, 109.05)$ rounded to two decimal places.
[tex]\begin{align}\colorbox{black}{\textcolor{white}{\underline{\underline{\sf{Please\: mark\: as\: brillinest !}}}}}\end{align}[/tex]
[tex]\textcolor{lime}{\small\textit{If you have any further questions, feel free to ask!}}[/tex]
[tex]{\bigstar{\underline{\underline{\sf{\color{red}{Sumit\:Roy}}}}}}{\bigstar}\\[/tex]
A projectile is fired upward from a height of 160 feet above the ground, with an initial velocity of 600ft/sec. Recall that projectiles are modeled by the function h(t)=−16t2+v0t+y0. How long will the projectile be in flight? Round your answer to the nearest hundredth.
Answer:
t ≈ 37.76 seconds (rounded to the nearest hundredth)
Step-by-step explanation:
To solve the problem, we can use the equation for the height of a projectile at time t: h(t) = - 16 * t^2 + v0 * t + y0
where v0 is the initial velocity and y0 is the initial height.
In this case, we have: v0 = 600 ft/sec (upward)
y0 = 160 ft (above the ground)
We want to find the time at which the projectile hits the ground, which is when h(t) = 0.
So we can set up the equation: 0 = -16 * t^2 + 600 * t + 160
We can solve for t using the quadratic formula:
t = (-b ± sqrt(b^2 - 4ac)) / 2a
where a = -16, b = 600, and c = 160.
Plugging in the values, we get:
t = (-600 ± sqrt(600^2 - 4(-16)(160))) / 2(-16)
t = (-600 ± sqrt(360000 + 10240)) / (-32)
t = (-600 ± sqrt(370240)) / (-32)
We can simplify this expression by taking the negative root since the positive root would give a negative time, which is not physically meaningful in this context: t = (-600 - 608.47) / (-32)
t ≈ 37.76 seconds (rounded to the nearest hundredth)
Therefore, the projectile will be in flight for about 37.76 seconds before hitting the ground.
If 2X = 25 then X = 5, true are false.
Answer:
False
Step-by-step explanation:
The reason for it being false is because 2X = 25 should be divided to by 2 to get to X, which should be half of 25.
therefore X should equal 12.5
QUESTION 1
Joe's Pizza Company faces a demand for its pizzas which obeys the "law of demand." This means if Joe lowers the price he charges
per pizza
His profit will rise.
He will sell more pizzas.
His profit will fall.
He will sell fewer pizzas.
If Joe lowers the price he charges per pizza, he will sell more pizzas. option B
Why would he sell more?To sell more pizza, Joe must decrease the price he charges per unit. The law of demand dictates that when a product's cost decreases, its quantity demanded rises resulting in an increased sales volume.
It follows then that if Joe reduces his pizza prices more people will be inclined to purchase it creating this increase in sales . Nonetheless, whether Joe’s profit will rise or diminish depends on the extent of the rise in sales compared to the lowering of the price.
Even if there is a reduction in the price of every pizza, if the resultant sales volume is significant enough, Joe’s profit margin could still experience a positive turn.
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Mr. McFly borrows $3,500 from his bank to buy a used car. The loan has a 7% annual simple interest rate. If it takes Mr. Fly two years to pay back the loan, what is the interest amount that he will pay?
A. 49,000
B. 49
C. 4900
D. 490
Please help I’ll give brainly if you explain :)
Answer:
D. 490
Step-by-step explanation:
We first need to use this formula:
interest = principle × rate × time
where the principle is the amount borrowed, the rate is the annual interest rate, and the time is the duration of the loan.
plugging in the given values, we get:
interest = 3500×0.07×2
simplifying, we get:
interest = 490
the answer is D
reasoning.
19. Challenge: Find the lengths of BC, DE, and FG in the diagram
below.
A
1
30°
B
0.5
C
D
E
-1.5√3
F
G
The length of BC, DE and FG are 0.5, 0.75 and 1.5 respectively. This can be solved by using trigonometric functions.
What are trigonometric functions?Trigonometric functions are used to describe relationships involving angles and sides of triangles. They are used to calculate the sizes of angles and distances between points. These include sine, cosine, tangent, secant, cosecant and cotangent.
This can be solved by using trigonometric functions.
First we need to find the length of FA to solve the question further.
FA = 1.5+ FD
AG = FA cos 30
AG = 1.5 √3
AG = 1.5 FD √3/2 = 1.5√3 (as cos 30 = √3/2)
DF = 1.5
Thus, FA = AB+BD+FD
FA = 1 + 0.5 + 1.5
So, the length of FA is 3.
Now, for the triangle, ΔABC
as ∠BAC= 30
BC = AB/2
= 0.5
This is because the angle of the right triangle is 30°and we know that when the angle of a right triangle is 30° the length of opposite side is exactly equal to half of the length of the hypotenuse.
For ΔADE,
as ∠DAE= 30, and AD= 1.5
DE= AD/2
= 0.75
For ΔGAF,
as ∠GAF= 30, and FA= 3
FG = FA/2
= 1.5
The length of BC, DE and FG are 0.5, 0.75 and 1.5 respectively.
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The discrete random variable X can take values 0, 1, 2 and 3 only. Given that P (x≤2) = 0.70, P (x≤1) = 0.55, P (x=2)=0.15 and E(x) = 29/20. Find P (x=1) .
The value of P(x=1) from the given discrete data is 0.5.
From the given data
Let P(x=2)=x
p+p+x=1
x=1-2p
E(x²)=∑PiXi²=P(0)²+p(1)²+(1-2p)(2)²
= 0+p+(1-2p)4
= 4-7p
E(x)=∑PiXi=P(0)+P(1)(1-2p)(2)
= 0+p+2-4p
= 2-3p
Given that, E(x²)=E(x)
4-7p=2-3p
4p=2
p=0.5
Therefore, the value of P(x=1) from the given discrete data is 0.5.
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7) If a professor can grade 5 essays in 40 minutes, the professor can grade 32 essays in 256 minutes. (10pts)
O True
O False
Answer:
O True
Step-by-step explanation:
Unit rate of essays/minute:
40 minutes / 5 essays = 8 essays/minute
256 essays / 32 minutes = 8 essays/minute
The unit rates are equal.
Answer: O True
IF THERE ARE 12 RUNNERS IN A RACE, AND 3 RUNNERS ARE RANDOMLY CHOSEN OUT OF THE 12 FOR DRUG TESTING, HOW MANY DIFFERENT WAYS CAN THESE 3 BE CHOSEN?
we need combination formula:
[tex] \frac{nı}{(n - r)ı \times rı} [/tex]
"I means !"
so the answer is:
12!/9! × 3! = 440
The line plot shows a student's quiz scores. Which measures of center and variability should be used to describe the data?
Quiz Scores
0=1
1,2,3,4=0
5=2
6=4
7=2
8=2
9=1
10=0
The measures of center for this data set are the mean and median. The mean is 5.1 and median is 6.
The measure of variability is the range. The range is 10.
How to explain the informationThe measures of center describe the typical or central value of the data. For this data set, we can use the mean or the median as measures of center. The mean is the average of all the quiz scores, while the median is the middle value when the scores are arranged in order.
Mean = (0x1 + 1x0 + 2x0 + 3x0 + 4x0 + 5x2 + 6x4 + 7x2 + 8x2 + 9x1 + 10x0) / (1+0+0+0+0+2+4+2+2+1+0) = 5.1
Median = 6 (the middle score)
The measures of variability describe the spread or dispersion of the data. For this data set, we can use the range. The range will be:
= Highest score - Lowest score
= 10 - 0
= 10
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The line plot shows a student's quiz scores.
Quiz Scores
0 = 1
1,2,3,4 = 0
5 = 2
6 = 4
7 = 2
8 = 2
9 = 1
10 = 0
Which measures of center and variability should be used to describe the data?
What is 124.8 as a fraction? Please help
Real Zeros of a Polynomial Function
The polynomial function of degree 3 with leading coefficient 1 and zeros at -5, 0, and 6 is f(x) = x³ - x² - 30x.
To find a polynomial function of degree 3 with leading coefficient 1 and zeros at -5, 0, and 6, we start by using the factor theorem. This theorem tells us that if a polynomial function has a zero at some value c, then it is divisible by the linear factor (x - c).
Therefore, the polynomial with zeros at -5, 0, and 6 can be written as:
f(x) = a(x + 5)(x - 0)(x - 6)
where a is a constant coefficient that we need to determine. Since the leading coefficient of the polynomial is 1, we set a = 1.
Multiplying out the factors, we get:
f(x) = (x + 5)(x)(x - 6)
= x³ - x² - 30x
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for the first question the answer choice is 35, 45, 145, 155,
the second question is a true or false answer
for the first question answer is 35 , which we can clearly see its pointing 35 degree in the protractor .second question is incomplete
what is protractor ?
To measure an angle using a protractor instrument, follow these steps:
Place the protractor on the angle: Place the flat side of the protractor on one of the angle's sides, making sure that the vertex (the point where the two sides of the angle meet) is at the center of the protractor.Align the protractor with the angle: Make sure the protractor is aligned with the angle you want to measure. The zero-degree mark on
In the given question,
for the first question answer is 35 , which we can clearly see in the protractor
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2010 2008
$971 $812
$977 $943
$900 $873
$1071 $1023
$501 $486
2. What is the median weekly earnings of workers in the occupations listed for
2010?
The median weekly earnings of the data set of the workers in the occupations listed for 2010 is calculated as: $971.
How to Find the Median Weekly Earnings?To find the median weekly earnings for the occupations listed in 2010, we need to first arrange the earnings in order from least to greatest:
$501, $900, $971, $977, $1071
The median is the middle value in this ordered list. Since there are an odd number of values, the median is simply the middle value.
Therefore, the median weekly earnings of workers in the occupations listed for 2010 is $971.
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crack the code
09, 15. 18. 20, 22, 25, 03
The next number in the sequence would be 25 + 4 = 29.
How to break the sequence?
First off, we rearrange these numbers in ascending order and this gives us:
3 9 15 18 20 22 25
Next, we try and find the pattern:
The pattern seems to be adding consecutive odd numbers starting from 3.
3 + 6 = 9
9 + 6 = 15
15 + 3 = 18
18 + 2 = 20
20 + 2 = 22
22 + 3 = 25
Therefore, the next number in the sequence would be 25 + 4 = 29.
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crack the code
09, 15. 18. 20, 22, 25, 03
Find the next number
The wolf population in a certain region was monitored over several years for a project aimed at
boosting the number of wolves. The number of wolves can be modeled by the function
f(x)=41x +7 where x is the number of years since 2005. Using algebraic techniques, find the
value of x so that f(x) = 89.
Answer:
x=2
Step-by-step explanation:
f(x) is 89
f(x)=41x+7
89=41x+7
41x+7=89
41x=89-7
41x=81
x=81/41
x=2
A Petri dish is filled with 250 bacterial cultures. The number of bacteria in the dish triples every hour.
a. Write a recursive and an explicit formula to represent the sequence that models the scenario.
Explicit formula:
Recursive formula:
b. Predict the number of bacterial cultures in the dish after 8 hours. Explain your reasoning.
c. Does this sequence represent a function? Explain your reasoning.
Answer:
a. Let's denote the number of bacterial cultures after n hours by B_n. We know that the number of bacteria triples every hour, so we can write:
- Recursive formula: B_n = 3*B_(n-1) with initial condition B_0 = 250.
- Explicit formula: B_n = 250 * 3^n.
b. To predict the number of bacterial cultures after 8 hours, we can use the explicit formula and substitute n=8:
B_8 = 250 * 3^8 = 250 * 6561 = 1,640,250
Therefore, there will be 1,640,250 bacterial cultures in the dish after 8 hours.
c. Yes, this sequence represents a function. For each input value (number of hours), there is a unique output value (number of bacterial cultures). The explicit formula gives a direct way of computing the output for any input, so it satisfies the definition of a function.
The service history of the Prego SUV is as follows: 50%will need no repairs during the first year, 35% will have re-pair costs of $500 during the first year, 12% will have repair costs of $1500 during the first year, and the remaining SUVs(the real lemons) will have repair costs of $4000 during their first year. Determine the price that the insurance company should charge for a one-year extended warranty on a Prego SUV if it wants to make an average profit of $50 per polic
The price that the insurance company should charge for a one-year extended warranty on a Prego SUV is $402.
To determine the price that the insurance company should charge for a one-year extended warranty on a Prego SUV, the company needs to calculate the expected value of the repair costs and then add their desired profit to it.
Let's assume that the price for the warranty is x dollars. Then, the expected value of the repair costs for the insurance company would be:
(0.50)(0) + (0.35)($500) + (0.12)($1500) + (0.03)($4000) = $352
This means that on average, the insurance company can expect to pay out $352 in repair costs for each policy sold. To make an average profit of $50 per policy, the insurance company should charge:
x = $352 + $50 = $402
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According to the graph, what is the value of the constant in the equation
below?
A. 1
B. 2
C. 0.5
D. 4
Please help !!!!!!!!!
4. The arithmetic mean of a data set is the measure of center is ….
A) that is found by adding the data values and dividing the total by the number of data values
B)that is the value midway between the maximum and minimum values in the original data set
C)that is the middle value when the original data values are arranged in order of increasing (or decreasing) magnitude
D) that is the value that occurs with the greatest frequency
The correct statement is A) that is found by adding the data values and dividing the total by the number of data values
What is meant by adding?
Adding is an operation in which two or more numbers or quantities are combined to obtain a sum. It is represented by the symbol "+" and is one of the four basic arithmetic operations.
What is meant by dividing?
Dividing is an operation that separates a quantity or a number into equal parts or groups. It is represented by the symbol "÷" or "/" and is one of the four basic arithmetic operations.
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A right triangle with coordinates A (2,1), B (6,1), and C (6,4) is reflected across the Y axis, then rotated 180 degrees counter clockwise and then translated down 2 units to form triangle A'B'C'.
What is the measure of angle A'B'C', in degrees, in the resulting figure?
The measure of angle A'B'C' in the resulting figure is approximately 142.6 degrees.
How to calculate the angleThe reflection of a point (x, y) across the y-axis is (-x, y). Applying this transformation to the coordinates of A, B, and C, we get:
A' (-2, 1)
B' (-6, 1)
C' (-6, 4)
The rotation of a point (x, y) by 180 degrees counter clockwise is (-x, -y). Applying this transformation to the coordinates of A', B', and C', we get:
A'' (2, -1)
B'' (6, -1)
C'' (6, -4)
Next, we can use the law of cosines to find the measure of angle B:
A'B'C' = 180 - arccos(-7/24)
≈ 142.6 degrees
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Suppose that 11,000 is invested in a bond fund and the account grows to 14,539.95 in 5 yr.
Answer:
Step-by-step explanation:
11000*14539.95
7.1483737364203627356954981215625 × 10^24
is the answer
Casey is going to wear a gray sportscoat and is trying to decide what tie he should wear to work. In his closet, he has 29 ties, 15 of which he feels go well with the sport coat. If Casey selects one tie at random, determine the probability and the odds of the tie going well or not going well with the sport coat.
The probability is P = 0.51, and the odds are 15 to 14.
How to determine the probability and the odds?If all the ties have the same probability of being randomly choosen, then the probability of randomly selecting a tie that goes well with the sports coat is equal to the quotient between the number of ties that goes well with the sports coat (15) and the total number of ties.
The probability will be:
P = 15/29 = 0.51
And the odds are the number of good ties to the number of the other ones, there are 15 good ones and 14 bad ones, so the odds are 15 to 14.
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Statistics!
Express the original claim in symbolic form
When expressed in symbolic form, the original claim would then be H ₀: μ = 68. 9 bpm.
How to represent in symbolic form ?One common approach to express a hypothesis in symbolic form is through the application of logical symbols including "if-then" statements. This symbolized portrayal can be instrumental in directing the design of an experiment aimed at assessing its validity.
The null hypothesis is represented as H₀, with μ describing the mean pulse rate for male adults within the population. The underlying assertion suggests that on average adult males possess a pulse rate equivalent to 68.9 bpm.
H ₀: μ = 68. 9 bpm.
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AquaWorks is training new employees to assemble hot water heaters. The
number of water heaters h that a trainee can assemble per 8-hour shift is given
by h = 2.1 0.9t + 4 where t is the number of days of training the trainee
has received. How many training days are required before a trainee can
assemble 9 heaters? Round up to the nearest day.
Answer:
A trainee requires 3 days of training before they can assemble 9 heaters.
Step-by-step explanation:
We are given the formula for the number of water heaters h that a trainee can assemble per 8-hour shift as:
h = 2.1 0.9t + 4
where t is the number of days of training the trainee has received. We need to find out how many training days are required before a trainee can assemble 9 heaters. So we set h to 9 and solve for t:
9 = 2.1 0.9t + 4
Subtracting 4 from both sides, we get:
5 = 2.1 0.9t
Dividing both sides by 2.1 0.9, we get:
t = (5 / (2.1 0.9))
Using a calculator, we get:
t ≈ 2.49
Rounding up to the nearest day, we get:
t = 3
Therefore, a trainee requires 3 days of training before they can assemble 9 heaters.
PLS HELP IM FAILING ALGEBRA
exponent property of nth roots
The exponent property of nth roots states that for any real number a and any positive integer n, the nth root of a raised to the nth power equals a.
What is the use of this property ?The property of nth roots, concerning exponents states that if 'a' is a real number and 'n' is a positive integer, then the nth root of 'a' when raised to the nth power will always be equal to 'a':
√ ( a ⁿ ) = a
This can greatly simplify expressions involving nth roots by multiplying the exponent by 'n', taking the nth root of the base:
( √ a ) ⁿ = √ ( a ⁿ )
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Please help me guys, I'm so confused with this question :'(
2a. To calculate the average number of violations committed, we add up all the violations and divide by the number of offenders:
Average number of violations = (15+20+10+25+5+22+8+12+18+7+23+6+24+19+11) / 15
Average number of violations = 187 / 15
Average number of violations ≈ 12.47
Therefore, the average number of violations committed by the offenders in the sample is approximately 12.47.
2b. To calculate the sample mean for the given data, we add up the five samples and divide by the number of samples:
Sample mean = (22 + 8 + 19 + 7 + 24) / 5
Sample mean = 80 / 5
Sample mean = 16
Therefore, the sample mean for the five samples is 16.
2c. To estimate the mean interval with 95% confidence level, we can use the t-distribution and the formula:
Sample mean ± t-value (α/2, n-1) x (standard deviation / square root of n)
We are not given the standard deviation of the population, so we need to estimate it using the sample standard deviation:
s = sqrt [ Σ(xi - x)^2 / (n - 1) ]
where xi is the i-th sample, x is the sample mean, and n is the number of samples.
Using the five samples given in part (b), we can calculate the sample standard deviation:
s = sqrt [ ((22-16)^2 + (8-16)^2 + (19-16)^2 + (7-16)^2 + (24-16)^2) / (5-1) ]
s = sqrt [ (36 + 64 + 9 + 81 + 64) / 4 ]
s ≈ 9.17
Using a t-distribution table with α/2 = 0.025 and degrees of freedom = n-1 = 4, we find that the t-value is 2.776.
Plugging in the values, we get:
Sample mean ± t-value (α/2, n-1) x (standard deviation / square root of n)
16 ± 2.776 x (9.17 / sqrt(5))
16 ± 9.55
Therefore, with 95% confidence, we estimate that the mean number of violations committed by the population of lawbreakers is between 6.45 and 25.55.
To estimate the number of violations when the road area is 6 meters, we need to use the regression equation Y = a + bX. However, we are not given the values of a and b.
Without knowing the values of a and b, we cannot estimate the number of violations when the road area is 6 meters or use the regression equation to make any predictions.Answer:
Step-by-step explanation:
For a population of 300 lawbreakers:
2. a. average number of violations is 12.b. sample mean is 16.c. confidence interval is 6.09, 25.913. traffic violations using regression equation is n = 4, ΣX = 18, ΣY = 15.How to solve random samples?2. a. To calculate the average number of violations committed, find the mean of the given data set.
Mean = (15 + 20 + 10 + 25 + 5 + 22 + 8 + 12 + 18 + 7 + 23 + 6 + 24 + 19 + 11) / 15
Mean = 180 / 15
Mean = 12
Therefore, the average number of violations committed is 12.
b. To calculate the sample mean, we need to find the mean of the given sample data set.
Sample mean = (22 + 8 + 19 + 7 + 24) / 5
Sample mean = 80 / 5
Sample mean = 16
Therefore, the sample mean is 16.
c. To estimate the mean interval with 95% confidence level, we can use the t-distribution with n-1 degrees of freedom, where n is the sample size. The formula for the confidence interval is:
Confidence interval = sample mean ± (t-value x standard error)
where t-value is the value obtained from the t-distribution table for a 95% confidence level and n-1 degrees of freedom, and standard error is the standard deviation of the sample data divided by the square root of the sample size.
First, find the standard deviation of the sample data set.
Standard deviation = √[(Σ(x - μ)²) / (n - 1)]
where Σ is the sum of the values, x is each value in the sample data set, μ is the sample mean, and n is the sample size.
μ = 16 (from part b)
n = 5
x values = 22, 8, 19, 7, 24
Standard deviation = √[((22-16)² + (8-16)² + (19-16)² + (7-16)² + (24-16)²) / (5 - 1)]
Standard deviation = √[(36 + 64 + 9 + 81 + 64) / 4]
Standard deviation = √(254 / 4)
Standard deviation = √63.5
Standard deviation ≈ 7.97
Next, find the t-value for a 95% confidence level and 4 degrees of freedom. From the t-distribution table, the t-value is 2.776.
Confidence interval = 16 ± (2.776 x (7.97 / √5))
Confidence interval = 16 ± (2.776 x 3.57)
Confidence interval = 16 ± 9.91
Therefore, the mean interval with 95% confidence level is (16 - 9.91, 16 + 9.91), or approximately (6.09, 25.91).
3. To estimate the number of violations for a road area of 6 meters, we need to use the regression equation Y = a + bX, where Y is the number of violations and X is the road area in meters.
First find the values of a and b from the given data.
Using the formula:
b = [(nΣXY) - (ΣX)(ΣY)] / [(nΣX²) - (ΣX)²]
a = (ΣY - bΣX) / n
where n is the number of data points, Σ is the sum of the values, and X and Y are the variables.
n = 4
ΣX = 18
ΣY = 15
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Image transcribed:
QUESTIONS
2. There are 300 lawbreaker as a population
X = the number of law violations by the 1st lawbreaker in 1 year. Researched as many as 15 offenders as a random sample. It turns out that the number of violations committed by them is :
15 20 10 25 5
22 8 12 18 7
23 6 24 19 11
Questions:
a. Calculate the average number of violations committed
b. If 5 samples are taken, namely: 22 8 19 7 24
Calculate the sample mean
c. Estimate the mean interval with 95% confidence level
3. The number of traffic violations in city A every day (several times) is:
Road area (X) in meter | 4 3.5 5 5.5
Violation (Y) | 3 3 2 7
Approximately how many violations if the road area is 6 meters? If the regression equation is:
Y = a+bX
James takes a 150000 mortgage for 20 years and makes a monthly payment of 915.00. What percent of the total loan does he pay back in interest?
James pays back approximately 82.33% of the total loan in interest over the 20-year period.
To calculate the percentage of the total loan that James pays back in interest, we need to determine how much of the monthly payments go towards interest and how much goes towards paying down the principal.
Using a loan calculator or a formula, we can determine that the monthly interest rate for James' loan is approximately 0.35% (4.25% annual rate divided by 12 months). The monthly payment of $915.00 is comprised of both principal and interest.
In the first month, the interest portion of the payment would be $531.25 and the remaining $383.75 would go towards the principal. As the loan is paid down over time, the interest portion of each payment decreases while the principal portion increases.
To calculate the total interest paid over the life of the loan, we can multiply the monthly interest by the number of months (20 years x 12 months/year = 240 months) and subtract the original principal amount of $150,000. This gives us a total interest paid of approximately $123,500.
To find the percentage of the total loan that this represents, we can divide the total interest paid by the original principal and multiply by 100:
$123,500 ÷ $150,000 x 100 ≈ 82.33%
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