(Solution) An article discussed the changes that banks in a certain country are making to the way they calculate the minimum payment due on credit card... > Snapessays.com

(Solution) An article discussed the changes that banks in a certain country are making to the way they calculate the minimum payment due on credit card...

Can you help me in my questions?  ThanksEncl: Excel File1. An artcle discussed The changes ThaT banks in a cerTain counTry are making To The way They calculaTe The

iTs own changes. Suppose ThaT a large bank in The counTry is in The process of considering whaT changes To make.

IT wishes To survey iTs cusTomers To estmaTe The mean percenT paymenT on Their ouTsTanding balance

of error of plus or minus ±0.2 percenT. A piloT sample of n=40 cusTomers showed a sample sTandard deviaton

²he bank needs To survey ____ more cusTomers.

meTropoliTan area was Taken and respondenTs were asked wheTher They had ever funded an IRA accounT wiTh a

CompleTe parTs a Through c below.

proporton. b. sample proporton. c. sample size.

RespondentResponse

Respondent

Response

Respondent

Response

1 No

25 Yes

49 Yes

2 Yes

26 No

50 No

3 Yes

27 No

4 No

28 No

5 No

29 No

6 Yes

30 No

7 Yes

31 No

8 No

32 Yes

9 Yes

33 No

10 No

34 No

11 Yes

35 No

12 Yes

36 No

13 No

37 Yes

14 No

38 Yes

15 No

39 No

minimum paymenT due on crediT card balances. ²he changes are being pushed by regulaTors in The counTry. In The

pasT, minimum paymenTs were seT aT abouT 3 % of The ouTsTanding balance. Each crediT card issuer is making

ThaT cusTomers would like To see. ²he bank wanTs To consTrucT a 90 % conFdence inTerval estmaTe wiTh a margin

of 1.4 %. How many more cusTomers does The bank need To survey in order To consTrucT The inTerval

estmaTe?

2. A sTudy ThaT randomly surveyed

3,500 households found ThaT 46 % of households have funded aT leasT one IRA

rollover from an

employer-sponsored retremenT plan. Suppose a recenT random sample of 50 households in a

rollover from an

employer-sponsored retremenT plan. ²he resulTs are available in The accompanying Table.

a. Based on The random

sample, whaT is The besT poinT estmaTe for The proporton of all households in The

meTropoliTan area ThaT have ever funded an IRA accounT wiTh a rollover from an

plan?

²he besT poinT estmaTe for The proporton is ____.

(²ype an inTeger or a

decimal.)

b. ConsTrucT a 99 % conFdence inTerval estmaTe for The True populaton proporton of households in The

meTropoliTan area ThaT had ever funded an IRA accounT wiTh a rollover from an

plan _____.

(Round To Three decimal places as needed. Use ascending

order.)

c. If The sponsors of The sTudy found ThaT The margin of error was Too

high, whaT could They do To reduce iT if They

were noT willing To change The level of

conFdence? ²he sponsors could a. increase b. decrease

The a. populaton

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