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Basic Question 1 of 30
Mileage tests were conducted on a randomly selected sample of 100 newly developed automobile tires. The average tread wear was found to be 50,000 miles with a standard deviation of 3,500 miles. What is the best estimate of the average tread life, in miles, for the entire population of these tires?
B. (3,500/100)
C. (50,000/100)
A. 50,000
B. (3,500/100)
C. (50,000/100)
User Contributed Comments 5
| User | Comment |
|---|---|
| 8thlegend | I spent 10 mins figuring out how to do this. Then i realized that this was the first question and wasted 10 mins of my life. |
| thekid | 8thlegend---> 10minutes + the time it took you to post up your comment in regards to this "first question" lol..i'm going insane. |
| Ktrain | 10 minutes + the 250 hours studying for this test |
| 2014 | Sample represents population, The purpose of picking up sample serves the estimation of same results. U cannot do research on entire population of tyres. So u have selected a sample. Now, sample results u would rely to predict information. There is no choice or this is best choice to estimate |
| JMORALES | haha |
I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.
Andrea Schildbach
Learning Outcome Statements
compare and contrast simple random, stratified random, cluster, convenience, and judgmental sampling and their implications for sampling error in an investment problem
CFA® 2024 Level I Curriculum, Volume 1, Module 7.