A local grocery store wants to estimate the mean daily number of gallons of milk sold
to customers. Assume the number of gallons sold follows the normal distribution, with a
population standard deviation of 5.10 gallons. A random sample of 60 days shows that
the mean daily number of gallons sold is 10.00. What is the point estimate of the
population mean?
When independent samples are used to test for differences in the population means with
equal but unknown population standard deviations, we _______ these sample standard
deviations.
A financial planner wants to compare the yield of income and growth mutual funds.
Fifty thousand dollars is invested in each of a sample of 35 income and 40 growth
funds. The mean increase for a two-year period for the income funds is $900. For the
growth funds, the mean increase is $875. Income funds have a sample standard
deviation of $35; growth funds have a sample standard deviation of $45. Assume that
the population standard deviations are equal.