Payne saves $2,000 at a yearly simple interest rate of 2%. He earns $280 in interest. How many years did he save his money?
1 answer:
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Answer:
A t-score of 2.0244 should be used to find the 99% confidence interval for the population mean
Step-by-step explanation:
The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So
df = 39 - 1 = 38
Now, we have to find a value of T, which is found looking at the t table, with 38 degrees of freedom(y-axis) and a confidence level of 0.99(). So we have T = 2.0244.
A t-score of 2.0244 should be used to find the 99% confidence interval for the population mean