If prices increases at a monthly rate of 2.9%, by what percentage do they increase in a year?
1 answer:
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Answer: 95% confidence interval = 20,000 ± 2.12
( 19228.736 , 20771.263 ) OR ( 19229 , 20771 )
Step-by-step explanation:
Given :
Sample size(n) = 17
Sample mean = 20000
Sample standard deviation = 1,500
5% confidence
∴ = 0.025
Degree of freedom () = n-1 = 16
∵ Critical value at ( 0.025 , 16 ) = 2.12
∴ 95% confidence interval = mean ±
Critical value at 95% confidence interval = 20,000 ± 2.12
( 19228.736 , 20771.263 ) OR ( 19229 , 20771 )