Estimate the product of
1 answer:
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Answer:
a) The 95% confidence interval to estimate the average fee for the population is between $11.65 and $12.79
b) $0.57
Step-by-step explanation:
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.
So the answer for b) is $0.57.
The lower end of the interval is the sample mean subtracted by M. So it is 12.22 - 0.57 = $11.65
The upper end of the interval is the sample mean added to M. So it is 12.22 + 0.57 = $12.79
The 95% confidence interval to estimate the average fee for the population is between $11.65 and $12.79