Advertising expenses are a significant component of the cost of goods sold. Listed below is a frequency distribution showing the
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Answer:
Confidence Interval in 95% confidence level for the quality rating is (6.06,7.46)
Step-by-step explanation:
Confidence Interval can be calculated using the formula M±ME where
- M is the mean of the sample
- ME is the margin of error in a given confidence level
Using the sample obtained from 50 business travelers we get
- Mean of the sample is 6.76
- standard deviation of the sample is 2.526
Margin of error (ME) around the mean using the formula
ME= where
- z is the corresponding statistic in 95% confidence level (1.96)
- s is the standard deviation of the sample (2.526)
- N is the sample size (50)
Using the numbers in the formula we get:
ME= ≈ 0.70
Then the confidence interval becomes 6.76±0.70