Find the amount of time. I = $54, P = $800, r= 4.5% The amount of time is years.
2 answers:
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Answer: (2.54,6.86)
Step-by-step explanation:
Given : A random sample of 10 parking meters in a beach community showed the following incomes for a day.
We assume the incomes are normally distributed.
Mean income :
Standard deviation :
The confidence interval for the population mean (for sample size <30) is given by :-
Given significance level :
Critical value :
We assume that the population is normally distributed.
Now, the 95% confidence interval for the true mean will be :-
Hence, 95% confidence interval for the true mean= (2.54,6.86)