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allsm [11]
3 years ago
8

An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes re

cently sold in the Buffalo, New York, area revealed the mean number looking through each home was 19 and the standard deviation of the sample was 4 people.
Develop a 98 percent confidence interval for the population mean. (Round your answers to 2 decimal places.)
Confidence interval for the population mean is between and ?
Mathematics
1 answer:
Virty [35]3 years ago
5 0

Answer:

Confidence interval for the population mean is between 15 homes and 19 homes

Step-by-step explanation:

Given that:

Sample (n) = 17 homes, mean (μ) = 19 homes, standard deviation (σ)= 4 people and confidence (C) = 98% = 0.98

α = 1 - C = 1 - 0.98 = 0.02

α/2 = 0.02/2 = 0.01.

The z score of 0.01 (α/2) corresponds to the z score of 0.49 (0.5 - 0.01) which from the normal distribution table is 2.33

The margin of error (E) is:

E=z_{0.01}*\frac{\sigma}{\sqrt{n} } =2.33*\frac{4}{\sqrt{19} }=2

The confidence interval = μ ± E = 17 ± 2 = (15, 19)

Confidence interval for the population mean is between 15 homes and 19 homes

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