Statistical Inferences: A sample of 29 of 178 funded projects revealed that 14 were valued at $17,840 each and 15 were valued at $20,240 each. From the sample data, estimate the total value of the funding for all the projects. (Round your answer to two decimal places.)

Question

anonymous · Answer

For this problem would I just average what is given then multiply by 178?

(14 * 17840 + 15 * 20240)/29 = 19081.37931

19081.37931 * 178 = 3396485.517

Which would round to 3396485.52. Is that correct? I feel like I am not really using the power of statistics here...

anonymous · Answer

Medal to anyone who can help!

anonymous · Answer

@ganeshie8 Hey Ganeshie, do you have any ideas for how to approach this one?

anonymous · Answer

Would I use probability to approach this?

ganeshie8 · Answer

@amistre64

ganeshie8 · Answer

i would do exactly as you have done above and wonder how can i use the power of statistics hmm..

ganeshie8 · Answer

by probability, do you mean central limit theorem ?

anonymous · Answer

Right, the student who showed me this problem said it came from the "statistical inferences" section of their textbook. I unfortunately do not have access to the textbook or the solution.

ganeshie8 · Answer

we are not given standard deviation or other details.. so im not sure if we really need to think about them..

anonymous · Answer

@satellite73 Hi Satellite! Do you have any idea how to start this problem?

anonymous · Answer

To those who are wiser and more powerful in the arts of mathematics, please bestow thy wisdom unto me!

tkhunny · Answer

1) Don't tag the world.  This meets the definition of "spam" in OpenStudy.

2) You are inferring the cost of the entire population by obtaining a relatively large sample.  How is that not the power of statistics?

3) I'm a little stunned at the results.  Only two outcomes in your survey.  It is almost certain that there is something wrong with your sampling procedure or with your inference that these data apply to the entire population.  There should be a very substantial measure of Independence, and I would think we do not have that.

4) You are gathering data to dollars - probably rounded to $10.  Why on Earth would your result be all the way out to pennies?  You should LOSE precision, not gain it!  The instruction to round to pennies is idiotic, I think.