(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

 

employer-sponsored retremenT

 

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

 

employer-sponsored retremenT

 

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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This question was answered on: Sep 21, 2023

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