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Quantitative Methods – I Sem 1 NMIMS Assignment Dec 2024

Best high-quality, 1st semester assignments for the following subjects at an affordable price – December 2024 Cycle.

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NMIMS Centre for Distance and Online Education (NCDOE)
Course: Quantitative Methods – I
Internal Assignment Applicable for Dec 2024 Examination
Q1. Explain the following concepts
– Difference between point estimate and interval estimate. (2 Marks)
– Concept of confidence interval for any estimate (Mean / Proportion). (2 Marks)
And solve the following question
A sample of 30 students’ test scores is randomly selected from a large class. The sample has a
mean score of 85 points and a standard deviation of 6 points. Calculate the 99% and 95%
confidence intervals for the population mean. (6 Marks)
(10 Marks)
Q2 (A) The monthly rent paid by a group of 15,000 tenants in a city is found to be normally
distributed with a mean of 12,000 and a standard deviation of 1,500. Answer the following
questions:
a) What is the probability that a tenant selected at random pays more than 10,500 in rent?
b) What is the probability that a tenant selected at random pays more than 14,700 in rent ?
(5 Marks)
Q2 (B) A pharmaceutical company claims that its new drug reduces the average recovery time from
the flu to less than 7 days. Historically, the average recovery time for the flu without the drug
is 7 days. To test this claim, the company conducted a study with 50 patients who took the
new drug. The sample mean recovery time was 6.5 days with a population standard deviation
of 2 days. Can we accept the company’s claim at the 5% level of significance?
(5 Marks)

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