I have no ideal how to work this. I need help please.
A sample of 30 of 178 funded projects revealed that 12 were valued at $17,360 each and 18 were valued at $20,280 each. From the sample data, estimate the total value of the funding for all the projects. (Enter your answers to two decimal places.)
12 + 18 = 30
12/30 = .4
.4* 178 = 71.2 at 17360
get it?
so I worked the other out like 12+18=3012/30+.6 then .6*178=106.8 then do I add these two together
106.8 +71.2=178.00
To estimate the total value of the funding for all the projects, we can use the concept of sampling and proportion. Here's how you can approach this problem step-by-step:
1. Calculate the average value per funded project in the sample:
- For the 12 projects valued at $17,360 each, the total value will be 12 * $17,360 = $208,320.
- For the 18 projects valued at $20,280 each, the total value will be 18 * $20,280 = $365,040.
- The total value of all the projects in the sample will be $208,320 + $365,040 = $573,360.
2. Calculate the proportion of funded projects in the sample compared to the total number of funded projects:
- To determine the proportion, divide the sample size (30 funded projects) by the total number of funded projects (178 projects): 30 / 178 ≈ 0.1685.
3. Estimate the total value of all funded projects:
- Divide the total value of the sample by the proportion calculated in step 2:
$573,360 / 0.1685 ≈ $3,402,671.12.
Therefore, the estimated total value of the funding for all the projects is approximately $3,402,671.12.