Question

Your start-up business is looking into the energy usage in the community of south lawndale. your sample size is 12 months. use the sample mean and standard deviation in killowatts (kwh) for the community south lawndale. what is the confidence interval at the 95% level?

Answer 1

The confidence interval at 95% level is

7106.87 <  μ< 14255.27

What is meant be mean and standard deviation?

The ratio of sum of observations to the total number of observation is known as mean. It is one of the central tendency in the statistics. It gives an idea about the central value present in the data. The most sensitive measure of central tendency is mean. It is very easy to calculate. Mean playa a crucial role in daily life. The two types of means are Arithmetic mean and Geometric mean.

Standard deviation is a measure in the statistics. The amount of variation of a set of values is known as standard deviation. Standard deviation is denoted by σ.

As per given data

90% confident level for amount of electricity used in community of Austin is

X-tx/2(n-1)s/√n < μ < X+ tx/2(n-1)s/√n

Here , n=12 ,  X=10681.07 , s=6893.87

Margin of error = tx/2(n-1)s/√n

=(1.796×6893.87)/√12

=3574.1996

=3574.19(approximately)

Therefore, 90% CI is,

10681.07-3574.19 ≤ μ<10681.07+3574.19

7106.87 <  μ< 14255.27

To know more about mean and standard deviation, visit:

brainly.com/question/14720855

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