Question 1064315: Please help me to solved this : the auditor of a large retail company investigated the amounts owed to the company in 1999 by customers who had received goods from the company but had not yet paid for them . A simples random samples of 20 such customers received the amounts owed shown in table 6 below. In recording the data the auditor rounded the amounts outstanding to the nearest dollar . Table 6: array of amounts owed by a samples of 20 customers ($) 50 70 75 98 102 120 120 160 165 170 170 193 207 207 212 262 380 392 403 595 a. Display these data in a class frequency distribution and in a histogram . Use $0 for the stated lower limit of the first class and a class width of $100. What is the true lower limit of the second class? B. The auditor decided to use the median and the quartile deviation to summaries the sbove data. What are the advantages of using the median and the quartile deviation rather than the mean and the standard deviation ? Do you agree with the auditors choice? Explain . C. Present a five point summary of the amounts Owed . Display these figures in a suitable diagram. D. Between 1990 and 1997 the median amounts owed increased by an average of 10% per annum. Between 1997 and 1998 the median amounts owed fell by 5% . In 1098 the median amount owed was $118. What is the average annual percentage increase in the median amounts owed between 1990 and 1999? E. In 1998 the median amount owed was $118. In the random sample of amount owed in 1999 displayed in table 6 there are only five observations of less than $118. Of the median amount owed has not changed between 1998 and 1999, what is the probability that there would be five or less observations below $118 in the 1999 samples ? Use this probability to test at the 5% level whether the median amount owed has changed between 1998 and 1999.please solve for me then explain so long explaining . Because I do it again and again Untill wrong . Thank you before your help!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website!
Probability-and-statistics/1064315 (2017-01-15 14:24:39): Please help me to solved this : the auditor of a large retail company investigated the amounts owed to the company in 1999 by customers who had received goods from the company but had not yet paid for them . A simple random sample of 20 such customers received the amounts owed shown in table 6 below. In recording the data the auditor rounded the amounts outstanding to the nearest dollar .
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Table 6: array of amounts owed by a samples of 20 customers in 1999
($) 50 70 75 98 102 120 120 160 165 170 170 193 207 207 212 262 380 392 403 595
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A. Display these data in a class frequency distribution and in a histogram . Use $0 for the stated lower limit of the first class and a class width of $100.
What is the true lower limit of the second class?
1st class:: 0 -- 100
2nd class:: 101 -- 201
3rd class:: 202 -- 302
etc.
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B. The auditor decided to use the median and the quartile deviation to summarize the above data. What are the advantages of using the median and the quartile deviation rather than the mean and the standard deviation ? Do you agree with the auditors choice? Explain .
median shows the true center of the distribution of values
quartiles show the lower 25% and upper 25% of the data distribution
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mean is affected by outliers or skewing of the data
standard deviation hints at the spread but not the clustering of the data
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C. Present a five point summary of the amounts Owed . Display these figures in a suitable diagram.
You need to be able to do this with a calculator.
lower limit:: 50
1st quartile:: 111
median::::::: 170
3rd quartile:: 237
upper limit:: 595
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Cheers,
Stan H.
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D. Between 1990 and 1997 the median amounts owed increased by an average of 10% per annum. Between 1997 and 1998 the median amounts owed fell by 5% . In 1098 the median amount owed was $118. What is the average annual percentage increase in the median amounts owed between 1990 and 1999? E. In 1998 the median amount owed was $118. In the random sample of amount owed in 1999 displayed in table 6 there are only five observations of less than $118. Of the median amount owed has not changed between 1998 and 1999, what is the probability that there would be five or less observations below $118 in the 1999 samples ? Use this probability to test at the 5% level whether the median amount owed has changed between 1998 and 1999.please solve for me then explain so long explaining .
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