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Analyzing Coin Bags for Bidding Strategy by Michelle Seywald is a document available to read on EtoBox.
What is Analyzing Coin Bags for Bidding Strategy about?
The document compares the proportion of old coins from two bags of pennies through statistical analysis. A sample of 1,000 pennies from each bag found 28 old pennies in Bag A and 11 in Bag B. A two-proportion z-test yielded a p-value of 0.00299, rejecting the null hypothesis that the proportions are equal. Estimating the value of old pennies in each bag, Bag A is worth around $57,000, so the maximum bid should be $50,000 to allow for error and profit.
- Author
- Michelle Seywald
- Language
- EN