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d. For a random sample of size 2, what is the chance that the sample mean will equal the population mean? e. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within 3 (i.e., $3 billion) of the population mean. Interpret your result in terms of percentages.

d. For a random sample of size 2, what is the chance that the sample mean will equal the population mean? e. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within 3 (i.e., $3 billion) of the population mean. Interpret your result in terms of percentages.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Please answer Parts D and E

### 7.17 America's Richest Each year, *Forbes* magazine publishes a list of the richest people in the United States. As of September 16, 2013, the six richest Americans and their wealth in billions of dollars are shown in the following table. Consider these six people a population of interest. | Person | Wealth ($ billions) | |-----------------|---------------------| | Bill Gates (G) | 72 | | Warren Buffett (B) | 59 | | Larry Ellison (E) | 41 | | Charles Koch (C) | 36 | | David Koch (D) | 36 | | Christy Walton (W) | 35 | #### Tasks: a. Calculate the mean wealth, \( \mu \), of the six people. b. For samples of size 2, construct a table similar to Table 7.2 on page 310. (There are 15 possible samples of size 2.) c. Draw a dotplot for the sampling distribution of the sample mean for samples of size 2. d. For a random sample of size 2, what is the chance that the sample mean will equal the population mean? e. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within 3 (i.e., $3 billion) of the population mean. Interpret your result in terms of percentages.
Transcribed Image Text:### 7.17 America's Richest Each year, *Forbes* magazine publishes a list of the richest people in the United States. As of September 16, 2013, the six richest Americans and their wealth in billions of dollars are shown in the following table. Consider these six people a population of interest. | Person | Wealth ($ billions) | |-----------------|---------------------| | Bill Gates (G) | 72 | | Warren Buffett (B) | 59 | | Larry Ellison (E) | 41 | | Charles Koch (C) | 36 | | David Koch (D) | 36 | | Christy Walton (W) | 35 | #### Tasks: a. Calculate the mean wealth, \( \mu \), of the six people. b. For samples of size 2, construct a table similar to Table 7.2 on page 310. (There are 15 possible samples of size 2.) c. Draw a dotplot for the sampling distribution of the sample mean for samples of size 2. d. For a random sample of size 2, what is the chance that the sample mean will equal the population mean? e. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within 3 (i.e., $3 billion) of the population mean. Interpret your result in terms of percentages.
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