suppose that you put $2,500 into a retirement account that grows with the interest rate of 5.15% compounded once each year after
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Answer: For 95% Confidence Interval:
Upper Limit = 110.2
Lower Limit = 97.8
95% Confidence Interval = [97.8, 110.2]
Step-by-step explanation:
Given that,
Mean(M) = 104
Standard Deviation(SD) = 10
Sample Size(n) = 10
Formula for calculating 95% Confidence Interval are as follows:
Standard error(SE) =
=
= 3.164
⇒ M ± × SE
= 104 ± (1.96)(3.164)
= 104 ± 6.20
∴ Upper Limit = 104 + 6.20 = 110.2
Lower Limit = 104 - 6.20 = 97.8
So,
95% Confidence Interval = [97.8, 110.2]