Answer:
Looking for four values or answers
(A) 5.05
(B) 13
(C) $254,140.33
(D) $254,145.38
Step-by-step explanation:
(A) The value of the margin of error.
Using a 90% confidence level or 0.10 alpha level,
1 - alpha = 1 - 0.10 = 0.90
The degrees of freedom = n - 1 = 14 - 1 = 13
Using the t table, 0.90 under 13 is 1.350
Sample size divided by √n is equal to
14/√14 = 3.742
1.35 × 3.742 = 5.05
(B) 13 degrees of freedom
(C) To find the lower and upper limits, you find the mean value first and then subtract / add to half of the margin of error which is 5.05÷2 = 2.525
Adding the 14 values together, you have $3,558,000
Dividing by 14 to get the mean;
Mean = $254,142.8571
Lower Limit: $254,140.33
Upper Limit: $254,145.38
