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Confidence intervals question

  • 19-05-2008 3:57pm
    #1
    Closed Accounts Posts: 1,340 ✭✭✭


    Hey guys. I've an exam coming up soon in financial maths and I am trying to prepare by doing a few practice questions, but unfortunately I am dire at maths. I would be forever grateful if anyone could answer this question and show me how you did it, formulas etc.

    Question:
    An investigation was carried out into part-time working by full-time third level students in Dublin. In the study 200 males and 150 females were randomly selected. The results of the study are shown in the following table.

    Males: 200
    Number with part time work:160
    Average hours work each week: 12
    Standard deviation: 5

    Females: 150
    Number with part time work:105
    Average hours work each week: 10
    Standard deviation: 5


    1) Calculate95% confidence intervals for the average number of hours worked per week by Males and Females ( two intervals).

    2) From the inspection of your intervals in ( 1) does it appear likely that the True Average is the same for both males and females? Explain your conclusion.

    3) What sample size would be required to achieve precision of +- 0.4 hours
    and 99% confidence when estimating average number of hours worked per week by males ?

    4) Calculate a 95% confidence interval for the overall percentage of students
    with part-time work.

    5) What sample size would be required to achieve precision of +-3% and
    95% confidence, when estimating the overall percentage?

    6) When should Population size be taken into account in the calculation of sample size?

    Thanks


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