1. Which event will have the greatest impact (positive or negative) on one's net worth after one month?
1 answer:
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Using the t-distribution, it is found that:
a. The <u>margin of error</u> is of 4.7 homes.
b. The 98% confidence interval for the population mean is (19.3, 28.7).
The information given in the text is:
- Sample mean of
.
- Sample standard deviation of
.
- Sample size of
.
We are given the <u>standard deviation for the sample</u>, which is why the t-distribution is used to solve this question.
The confidence interval is:
The margin of error is:
Item a:
The critical value, using a t-distribution calculator, for a two-tailed <u>98% confidence interval</u>, with 23 - 1 = <u>22 df</u>, is t = 2.508.
Then, the <em>margin of error</em> is:
Item b:
The interval is:
The 98% confidence interval for the population mean is (19.3, 28.7).
A similar problem is given at brainly.com/question/15180581