Mr. Erickson just had his condo appraised to find out its value. According to the appraiser, the condo is currently worth $354,1
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Answer:
The required confidence inteval = 94.9%.
Step-by-step explanation:
Confidence interval: Mean ± Margin of error
Given: A confidence interval for the true mean diameter of all oak trees in the neighbourhood is calculated to be (36.191, 42.969).
i.e. Mean + Margin of error = 42.969 (i)
Mean - Margin of error = 36.191 (ii)
Adding (i) and (ii), we get
Margin of error = 42.969-39.58 [from (i)]
= 3.389
Margin of error =
here n= 25
i.e.
Using excel function 1-TDIST.2T(2.054,24)
The required confidence inteval = 94.9%.