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BUSINESS ANALYTICS MODULE 2 PRACTICE Latest Update - Verified Correct Answers Guaranteed A+ =AVERAGE(A2:A16)-CONFIDENCE.T(0.10, STDEV.S(A2:A16),15) - CORRECT ANSWER: Calculate the 90% confidence interval for the true average grade on the test given the data set and the sample size n=15.(Find standard deviation and mean of the data set and subtract/add from 1)
=B1-CONFIDENCE.NORM(0.20,B2,B3) - CORRECT ANSWER: Calculate the 80% confidence interval for the true population mean based on a sample with x¯=225, s=8.5, and n=45
a normal distribution with mean 425 and standard deviation 50, find the value with the cumulative
probability of 25% - CORRECT ANSWER: =NORM.INV(0.25,B1,B2)
Example: Find the probability of obtaining a value less than z=1.5 - CORRECT ANSWER:
=NORM.S.DIST(1.5,TRUE)
For a normal distribution with mean 100 and standard deviation 10, find the probability of obtaining a value greater than 70 (value 2) but less than 80(value 1) - CORRECT ANSWER: =NORM.DIST(value1 ,B1,B2,TRUE)-NORM.DIST(value 2 ,B1,B2,TRUE)
For a normal distribution with mean 100 and standard deviation 10, find the probability of obtaining a value less than or equal to 118. - CORRECT ANSWER: =NORM.DIST(118,100,10,TRUE)=0.96
For a normal distribution with mean 47 and standard deviation 6, find the probability of obtaining a value less than 45 or greater than 49. - CORRECT ANSWER: =NORM.DIST(45,B1,B2,TRUE)+1-
NORM.DIST(49,B1,B2,TRUE)
Question: Calculate the 90% confidence interval for the true population mean based on a sample with x¯=15, s=2, and n=20. - CORRECT ANSWER: Because our sample has fewer than 30 cases, we cannot assume that the distribution of sample means will be normal, and must use the t-distribution.
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