You want to put $8,000 in a simple interest account. It has a 2% annual interest rate. How long must you invest that money to ea
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Answer:
The 80% confidence interval for the population mean is between 28.32 characters and 31.68 characters.
Step-by-step explanation:
We have the standard deviation for the population, so we can use the normal distribution. If we had the standard deviation for the sample, we would have to use the t-distribution.
We have that to find our level, that is the subtraction of 1 by the confidence interval divided by 2. So:
Now, we have to find z in the Ztable as such z has a pvalue of .
So it is z with a pvalue of , so
Now, find the margin of error M as such
In which is the standard deviation of the population and n is the size of the sample.
The lower end of the interval is the sample mean subtracted by M. So it is 30 - 1.68 = 28.32 characters.
The upper end of the interval is the sample mean added to M. So it is 30 + 1.68 = 31.68 characters.
The 80% confidence interval for the population mean is between 28.32 characters and 31.68 characters.