In 2010 Staci invested $15,500 in a savings account for her newborn son. The account pays 2.7% interest each year. Determine the
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Answer:
The 98% confidence interval estimate of the true average amount of soft drink in each bottle is between 2.97 liters and 3.01 liters.
Step-by-step explanation:
We have the standard deviation for the sample, so we use the t-distribution to solve this question.
The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So
df = 64 - 1 = 63
98% confidence interval
Now, we have to find a value of T, which is found looking at the t table, with 63 degrees of freedom(y-axis) and a confidence level of . So we have T = 2.387
The margin of error is:
In which s is the standard deviation of the sample and n is the size of the sample.
The lower end of the interval is the sample mean subtracted by M. So it is 2.99 - 0.02 = 2.97 liters
The upper end of the interval is the sample mean added to M. So it is 2.99 + 0.02 = 3.01 liters
The 98% confidence interval estimate of the true average amount of soft drink in each bottle is between 2.97 liters and 3.01 liters.