Answer: point estimate = 3.88
Margin of error = 0.63
Step-by-step explanation:
Confidence interval is written in the form,
(Point estimate - margin of error, Point estimate + margin of error)
The sample mean, x is the point estimate for the population mean. Let m represent the margin of error. Since the confidence interval is given as (3.25 , 4.51), it means that
x - m = 3.25
x + m = 4.51
Adding both equations, it becomes
2x = 7.76
x = 7.76/2
x = 3.88
Substituting x = 3.88 into x + m = 4.51, it becomes
3.88 + m = 4.51
m = 4.51 - 3.88
m = 0.63
Answer:
$0.33 or 33¢
Step-by-step explanation:
33/100 = 0.33 = $0.33
