Is 100 a good estimate for the difference of 712 and 589? If it is, explain why it is a good estimate. If it is not, explain why
1 answer:
You might be interested in
Answer:
The 99% confidence interval for the population mean is 22.96 to 26.64
Step-by-step explanation:
Consider the provided information,
A sample of 49 customers. Assume a population standard deviation of $5. If the sample mean is $24.80,
The confidence interval if 99%.
Thus, 1-α=0.99
α=0.01
Now we need to determine
Now by using z score table we find that
The boundaries of the confidence interval are:
Hence, the 99% confidence interval for the population mean is 22.96 to 26.64