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jek_recluse [69]
3 years ago
13

Explanation A random sample of 100 observations from a normally distributed population possesses a mean equal to 83.2 and a stan

dard deviation equal to 6.4. Find a 95% confidence interval for μ.
Mathematics
1 answer:
Olenka [21]3 years ago
7 0

Answer:

The 95% confidence interval would be given by (81.933;84.467)    

Step-by-step explanation:

1) 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".

\bar X=83.2 represent the sample mean

\mu population mean (variable of interest)

s=6.4 represent the sample standard deviation

n=100 represent the sample size  

Confidence interval

The confidence interval for the mean is given by the following formula:

\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}   (1)

In order to calculate the critical value t_{\alpha/2} we need to find first the degrees of freedom, given by:

df=n-1=100-1=99

Since the Confidence is 0.95 or 95%, the value of \alpha=0.05 and \alpha/2 =0.025, and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.025,99)".And we see that t_{\alpha/2}=1.98

Now we have everything in order to replace into formula (1):

83.2-1.98\frac{6.4}{\sqrt{100}}=81.933    

83.2+1.98\frac{6.4}{\sqrt{100}}=84.467

So on this case the 95% confidence interval would be given by (81.933;84.467)    

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The amount that will be in the account after 30 years is $188,921.57.

<h3>How much would be in the account after 30 years?</h3>

When an amount is compounded annually, it means that once a year, the amount invested and the interest already accrued increases in value. Compound interest leads to a higher value of deposit when compared with simple interest, where only the amount deposited increases in value once a year.

The formula that can be used to determine the future value of the deposit in 30 years is : annuity factor x yearly deposit

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To learn more about calculating the future value of an annuity, please check: brainly.com/question/24108530

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