Question 1: A group of investors wants to develop a chain of fastfood restaurants. In determining potential costs for each facility, they must consider, among other expenses, the average monthly electric bill. They decide to sample some fastfood restaurants currently operating to estimate the monthly cost of electricity. They want to be 99% confident of their results and want the error of the interval estimate to be no more than $100. They estimate that such bills range from $600 to $2,500. How large of a sample should they take?
Question 2: Where do CFOs get their money news? According to Robert Half International, 47% get their money news from newspapers, 15% get it from communication/colleagues, 12% get it from television, 11% from the internet, 9% from magazines,5% from radio, and 1% do no tknow. Suppose a researcher wants to test these results.She randomly samples 67 CFOs and finds that 40 of them get their money news from newspapers. Does the test show enough evidence to reject the findings of Robert Half International? Use a = .05. Make sure you clearly state both the null and the alternative hypotheses in full sentences. Following your calculations, clearly state the conclusion in the same manner (do not simply say "accept/reject null") and explain how you arrived at this conclusion (based on which metrics)