Recently, six single-family homes in San Luis Obispo County in California sold at the following prices (in $1,000s): 560, 468, 6

Question

2 years ago

5

85, 534, 658, 593. Find a 95% confidence interval for the mean sale price in San Luis Obispo County.

1 answer:

solmaris [256] · Answer 1 · 2023-09-10T07:32:58+03:00

The interval for mean sale price is $582

According to statement

The given rates are 560, 468, 685, 534, 658, 593

Now,

Sample mean = X / n

Put the values in it and then

(560+ 468+ 685+ 534+ 658+ 593) / 6 = 582.1667

and use this formula S = sqrt [ X2 - n 2 / (n-1) ]

and put the values in these and

S = sqrt [ X2 - n 2 / (n-1) ] = 95.97179

So, The interval for mean sale price is $582

Learn more about SAMPLE MEAN here

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