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Homework answers / question archive / Methods of Interval Estimation Discuss how you can apply the concept and method of interval estimation to help you solve some of the problems in a regularly accounting department
Methods of Interval Estimation
Discuss how you can apply the concept and method of interval estimation to help you solve some of the problems in a regularly accounting department. Give a few examples.
Please see the attached file.
Death stats
1. In a recent year, there were approximately 97,000 deaths in the United States (total population 281 million) due to accidents. Approximately 25,000 of these accidental deaths involved people age 75 or older. Roughly 42,000 of these deaths were due to automobiles and 17,000 involved falls.
a. Find the overall death rate for accidents in units of death per 100,000 people.
The overall death rate for accidents in units of death per 100,000 people is
So, the overall death rate for accidents is 34.52 death per 100,000 people.
b. What is the probability that a person is less than 75 years of age and dies from an accident during the course of a year?
As approximately 25,000 of these accidental deaths involved people age 75 or older, approximately 97,000-25,000=72,000 of these accidental deaths involved people age less than 75. So, the probability that a person is less than 75 years of age and dies from an accident during the course of a year is
c. Approximately how much more likely is it that you will die in an automobile accident than from a fall?
By the given information" Roughly 42,000 of these deaths were due to automobiles and 17,000 involved falls", we know that there are
42,000-17,000=25,000 more people died in an automobile accident than from a fall .
So, such probability will be
Hence, approximately 25.77% more likely is it that you will die in an automobile accident than from a fall.
d. What is the death rate for falls in units of deaths per 1 million people?
As there are 17,000 death involved falls, we can get the death rate for falls in units of deaths per 1 million people is