Question

Select the correct answer.

Answer 1

Answer:

$24,890.46, $25,109.59

Step-by-step explanation:

Given:

n = 48, the sample size

m = $25,000, th sample mean

σ = $3000, the maximum variance

The standard deviation is

s = √σ = √(3000) = 54.772

As a rule of thumb, the range is 4 times the standard deviation. Therefore the range is

R = 4*54.772 = 219.09

Half the range is

R/2 = 219.09/2 = 109.45

The required  range is

(25000-109.45, 25000+109.45) = (24890.46, 25109.54)

Answer: $24,890.46, $25,109.54