question archive a)Santosh is anticipating to retire in 15 years and intends to make contributions to a pension fund over the 15 year period
a)Santosh is anticipating to retire in 15 years and intends to make contributions to a pension fund over the 15 year period
Subject:SociologyPrice: Bought3
a)Santosh is anticipating to retire in 15 years and intends to make contributions to a pension
fund over the 15 year period. He plans to contribute £6,000 per annum for the next five
years and £12,000 for the subsequent ten years. The pension fund guarantees a rate of
return of 4 per cent on the funds it holds. Determine the sum that Santosh can anticipate
in fifteen years from now.
b. The waiting time for patients at local walk-in health clinic follows a normal distribution
with a mean of 15 minutes and a population standard deviation of 5 minutes. The
quality-assurance department found in a sample of 64 patients that the mean waiting
time was 13.5 minutes. Using the 99% confidence level and the 95% confidence interval,
is it reasonable to conclude the sample mean waiting time is statistically significantly
different from the population mean waiting time?
i. Firstly, what are the null and the alternative hypothesis?
ii. What are the critical values at 1% and 5% significance level (two-tailed test)?
iii. What is the value of the test statistic (z obtained)?
iv. Finally, state your decision in terms of the null hypothesis.
