Mr. Jones has $410,000 in a retirement account that earns 3.85% simple interest each year. Find the amount of interest earned by
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L = 0.403 is the lower end of the confidence interval
U = 0.487 is the upper end of the confidence interval
The margin of error E is
E = (U-L)/2
E = (0.487-0.403)/2
E = 0.042
Which is half the distance from the lower to upper end
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The midpoint of the confidence interval is the value of (read out as "p hat")
phat = (U+L)/2
phat = (0.487+0.403)/2
phat = 0.445
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Answer: The confidence interval (0.403, 0.487) can be rewritten into the form