MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Jobs and productivity! How do banks rate? One way to answer this question is to examine annual profits per employee. The following is data about annual profits per employee (in units of 1 thousand dollars per employee) for representative companies in financial services. Assume σ ≈ 9.4 thousand dollars.
| 54.4 | 54.4 | 27.1 | 38.3 | 53.0 | 48.1 | 48.8 | 42.5 | 42.5 | 33.0 | 33.6 |
| 36.9 | 27.0 | 47.1 | 33.8 | 28.1 | 28.5 | 29.1 | 36.5 | 36.1 | 26.9 | 27.8 |
| 28.8 | 29.3 | 31.5 | 31.7 | 31.1 | 38.0 | 32.0 | 31.7 | 32.9 | 23.1 | 54.9 |
| 43.8 | 36.9 | 31.9 | 25.5 | 23.2 | 29.8 | 22.3 | 26.5 | 26.7 |
(a) Use a calculator or appropriate computer software to find x for the preceding data. (Round your answer to two decimal places.)
thousand dollars
(b) Let us say that the preceding data are representative of the entire sector of (successful) financial services corporations. Find a 75% confidence interval for μ, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
(c) Let us say that you are the manager of a local bank with a large number of employees. Suppose the annual profits per employee are less than 30 thousand dollars per employee. Do you think this might be somewhat low compared with other successful financial institutions? Explain by referring to the confidence interval you computed in part (b).
(d) Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b).
(e) Find a 90% confidence interval for μ, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
(f) Let us say that you are the manager of a local bank with a large number of employees. Suppose the annual profits per employee are less than 30 thousand dollars per employee. Do you think this might be somewhat low compared with other successful financial institutions? Explain by referring to the confidence interval you computed in part (e).
(g) Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (e).
thousand dollars
(b) Let us say that the preceding data are representative of the entire sector of (successful) financial services corporations. Find a 75% confidence interval for μ, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
(c) Let us say that you are the manager of a local bank with a large number of employees. Suppose the annual profits per employee are less than 30 thousand dollars per employee. Do you think this might be somewhat low compared with other successful financial institutions? Explain by referring to the confidence interval you computed in part (b).
Yes. This confidence interval suggests that the bank profits are less than those of other financial institutions.Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions. No. This confidence interval suggests that the bank profits are less than those of other financial institutions.No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
(d) Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b).
No. This confidence interval suggests that the bank profits are higher than those of other financial institutions.No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions. Yes. This confidence interval suggests that the bank profits are higher than those of other financial institutions.Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
(e) Find a 90% confidence interval for μ, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
(f) Let us say that you are the manager of a local bank with a large number of employees. Suppose the annual profits per employee are less than 30 thousand dollars per employee. Do you think this might be somewhat low compared with other successful financial institutions? Explain by referring to the confidence interval you computed in part (e).
Yes. This confidence interval suggests that the bank profits are less than those of other financial institutions.Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions. No. This confidence interval suggests that the bank profits are less than those of other financial institutions.No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
(g) Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (e).
No. This confidence interval suggests that the bank profits are higher than those of other financial institutions.No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions. Yes. This confidence interval suggests that the bank profits are higher than those of other financial institutions.Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
Transcribed Image Text:**Transcription of Image: Educational Website Content**
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**(f)** Let us say that you are the manager of a local bank with a large number of employees. Suppose the annual profits per employee are less than 30 thousand dollars per employee. Do you think this might be somewhat low compared with other successful financial institutions? Explain by referring to the confidence interval you computed in part (e).
- ○ Yes. This confidence interval suggests that the bank profits are less than those of other financial institutions.
- ○ Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
- ○ No. This confidence interval suggests that the bank profits are less than those of other financial institutions.
- ○ No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
**(g)** Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (e).
- ○ No. This confidence interval suggests that the bank profits are higher than those of other financial institutions.
- ○ No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
- ○ Yes. This confidence interval suggests that the bank profits are higher than those of other financial institutions.
- ○ Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
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*The image does not contain any graphs or diagrams, only textual content with multiple-choice options.*
Transcribed Image Text:**Jobs and Productivity: How Do Banks Rate?**
One way to assess the performance of banks is by examining annual profits per employee. The following data represents the annual profits per employee (in units of 1 thousand dollars per employee) for a selection of representative companies in financial services. Assume \( \sigma = 9.4 \) thousand dollars.
**Data:**
- 54.4, 54.4, 27.1, 38.3, 53.0, 48.1, 48.8, 42.5, 42.5, 33.0, 33.6
- 36.9, 27.0, 47.1, 33.8, 28.1, 28.5, 29.1, 36.5, 36.1, 26.9, 27.8
- 28.8, 29.3, 31.5, 31.7, 31.1, 38.0, 32.0, 31.7, 32.9, 23.1, 54.9
- 43.8, 36.9, 31.9, 25.5, 23.2, 29.8, 22.3, 26.5, 26.7
**Questions:**
(a) **Calculate the Mean (\( \bar{x} \)):**
- Use a calculator or appropriate computer software to find \( \bar{x} \) for the preceding data. (Round your answer to two decimal places.)
- **Answer:** \( \bar{x} = \) ___ thousand dollars
(b) **75% Confidence Interval:**
- Assume the data is representative of the entire sector of successful financial services corporations. Compute a 75% confidence interval for \( \mu \), the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
- **Lower Limit:** ___ thousand dollars
- **Upper Limit:** ___ thousand dollars
(c) **Analysis for Less than $30,000:**
- Assume you are a bank manager and annual profits per employee are less than 30 thousand dollars. Determine if this is low compared with other institutions by referring to the confidence interval from part (b).
- Options:
- Yes, the interval
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