BUS2224 Final
Total Points: 100
Read carefully before starting your exam
Log on to this course’s canvas site, click on Assignments under course navigation menu. Then, click on Final. Before you start working on any part of this exam, save the Final.xlsx file as Fina!_your full name. At the end of the exam, submit only one Excel file. To submit your file, log on to this course’s canvas site, click on Assignments tab. Then, click on Final and upload your file. Keep in mind – you can submit your file only once.
I. The file Final.xlsx, sheet named Baseball contains salary data on all Major League Baseball players for 2015. For this problem, consider this data set as the population frame.
a. Create a copy of this population frame. Paste the population frame to a new sheet. Rename this new sheet to BaseballSample.
b. Click on Baseball sheet. Use Baseball sheet to answer this part of the question. A sport analyst wants to determine the mean salary of a Baseball player for 2015.
He believes an estimate of this average salary using a confidence interval is sufficient. How large a sample should he take to be within $497,000 of the actual average with 80% confidence? He calculates the standard deviation of salary for all baseball players for 2015 is about $5,478,384.55. [In order to receive full credit, you must show your work.]
c. Click on Baseball Sample sheet. Generate a simple random sample of size
(enter your answer here from part (b)) from this population.
d. Use BaseballSample sheet to answer this part of the question. Use the random sample generated in part (c) to calculate a 80% confidence interval for the mean