Question

A survey organization, as part of the United States Census Bureau, conducts a yearly census similar to the one taken every ten years, but with a smaller percentage of participants. One of these surveys estimates with 90% confidence that the mean household income in the U.S. falls between $69,702 and $69,920. Find the point estimate for mean U.S. household income. (Enter your answer as a whole number.)

Answer 1

Answer: $69811

Step-by-step explanation:

Given : A survey organization, as part of the United States Census Bureau, conducts a yearly census similar to the one taken every ten years, but with a smaller percentage of participants.

One of these surveys estimates with 90% confidence that the mean household income in the U.S. falls between $69,702 and $69,920.  (1)

We know that the confidence interval is given by :-

Point estimate of mean  ± Margin of error

From (1) , we have

Point estimate for mean  -Margin of error = $69,702   (2)

Point estimate for mean  +Margin of error = $69,920      (3)

Add (2) and (3), we get

2 (Point estimate for mean) = $139622

Divide both sides by 2, we get

Point estimate for mean=$ 69811

Therefore , the point estimate for mean U.S. household income. =  $ 69811