How do you name the median of this triangle?
1 answer:
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Answer:
So on this case the 90% confidence interval would be given by (10.013;10.147)
Step-by-step explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
represent the sample mean for the sample
population mean (variable of interest)
represent the population standard deviation
n represent the sample size
Solution to the problem
The confidence interval for the mean is given by the following formula:
(1)
In order to calculate the mean and the sample deviation we can use the following formulas:
(2)
(3)
The mean calculated for this case is
Since the Confidence is 0.90 or 90%, the value of and
, and we can use excel, a calculator or a tabel to find the critical value. The excel command would be: "=-NORM.INV(0.05,0,1)".And we see that
Now we have everything in order to replace into formula (1):
So on this case the 90% confidence interval would be given by (10.013;10.147)
Answer:
The second option will cost her less than the first one.
Step-by-step explanation:
In order to solve this problem we will create two functions to represent the cost of the car in function of the miles drove by her.
For the first option we have:
For the second option we have:
Since she intends to drive it for 10,000 miles per year for 6 years, then the total mileage she intends to drive her car is 60,000 miles. Applying this to the formula of each car and we have:
The second option will cost her less than the first one.