A salesperson's ratio of successful signups to the number of people called is 0.625. This month, the salesperson had 25 signup
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Answer:
For this case we know that the confidence interval is given by (1.2 , 1.8) and the point of estimate for would be:
And the margin of error is given by:
Step-by-step explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
represent the sample mean for the sample
population mean (variable of interest)
s represent the sample standard deviation
n represent the sample size
Solution to the problem
The confidence interval for the mean is given by the following formula:
(1)
For this case we know that the confidence interval is given by (1.2 , 1.8) and the point of estimate for would be:
And the margin of error is given by: