Find 2.5% annual simple interest on $500.
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Given:
μ = $3120, population mean
σ = $677, population standard deviation.
The population is normally distributed.
n = 20, sample size.
At the 95% confidence level, the confidence interval is
1.96(σ/√n) = 1.96(677/√20) = 296.71
Th confidence interval for the mean is
($2823.29, $3416.71)
Answer: ($2823.29, $3416.71)
μ = $3120, population mean
σ = $677, population standard deviation.
The population is normally distributed.
n = 20, sample size.
At the 95% confidence level, the confidence interval is
1.96(σ/√n) = 1.96(677/√20) = 296.71
Th confidence interval for the mean is
($2823.29, $3416.71)
Answer: ($2823.29, $3416.71)