A shopkeeper marks the price of an article
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Answer:
The 95% confidence interval for the true average number of homes that a person owns in his or her lifetime is (4,6.2).
Step-by-step explanation:
We have the standard deviation for the sample, which means that the t-distribution is used to solve this question.
The first step to solve this problem is finding how many degrees of freedom,which is the sample size subtracted by 1. So
df = 50 - 1 = 49
95% confidence interval
Now, we have to find a value of T, which is found looking at the t table, with 49 degrees of freedom(y-axis) and a confidence level of . So we have T = 2.0096
The margin of error is:
In which s is the standard deviation of the sample and n is the size of the sample.
The lower end of the interval is the sample mean subtracted by M. So it is 5.1 - 1.1 = 4
The upper end of the interval is the sample mean added to M. So it is 5.1 + 1.1 = 6.2.
The 95% confidence interval for the true average number of homes that a person owns in his or her lifetime is (4,6.2).