Commission Melanie receives a 3% commission on every house she sells. If she received a commission of $8571, what was the value
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Answer:
Step-by-step explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The population proportion have the following distribution
n=60 represent the sample size
X=12 represent the number of masks that had lenses pop out at 250°
represent the estimated proportion of masks that had lenses pop out at 250°
p represent the population proportion of masks that had lenses pop out at 250°
Confidence =0.9 or 90%
represent the significance level
Confidence interval
On this case we want a interval on this form :
So the critical value would be on this case and we can use the following excel code to find it: "=NORM.INV(1-0.1,0,1)"
We found the lower limit like this:
And the interval would be: