Practical Assignment:
Please complete the following exercises. All required data sets will be posted on the companion website unless the question indicates dataset is on beachboard.
You must prepare and carefully organize your responses in a single Microsoft Excel spreadsheet. Use Text Boxes for responses to questions that require explanation or interpretation. You are welcome to collaborate with your classmates, but you must submit your responses individually. Unless otherwise specified, calculations should be done using functions of the data analysis programs, and explained separately.
Submit your responses via the Dropbox feature on the BeachBoard site. The deadline for your submission is at 11:59pm 11/14.
Additional Exercises
A credit card company is planning a marketing campaign that will target a population of 30,088,500 Hispanic American adults. The Excel data file "Xr09-14" contains sample data on 475 Hispanic Americans who were asked how they usually pay for purchases. Their responses are coded as follows: 1. Cash, 2. Check, 3. Visa, 4. MasterCard, 5. Other Credit Card.
• Label a column "Credit Card", where you will indicate whether or not each respondent usually pays with a credit card. To create the first entry, type "=IF(A2>2, 1, 0)", which will result in a value of "1" if a credit card is typically used, and zero otherwise. Complete the column.
• Calculate the sample proportion of Hispanic Americans who usually pay by credit card (the "SUM" function will be helpful here).
• Estimate the standard error of the sample proportion.
• Use the "NORM.S.INV" function to find Z0.025.
• Create a 95% Confidence Interval estimate for the population proportion of Hispanic Americans who usually pay by credit card.
• In a complete sentence, carefully interpret the confidence interval you constructed for part (e).
• Create a 95% Confidence Interval estimate for the number of Hispanic Americans in the population who usually pay by credit card.