A Businessman exchange Nepali currency rupees 660000 INR to US Dollar at the rate of Dollar 1 is equal to INR rupees 110 after 4
1 answer:
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Answer:
a) The point of estimate for is just given by:
b)
And the Margin of error is given by:
c) The 95% confidence interval would be given by .
Step-by-step explanation:
Notation and previous concepts
represent the sample of ships that carry fewer than 500 passengers
represent the sample of ships that carry 500 or more passengers
represent the mean sample of of ships that carry fewer than 500 passengers
represent the mean sample of of ships that carry 500 or more passengers
represent the population deviation of ships that carry fewer than 500 passengers
represent the sample deviation of ships that carry 500 or more passengers
represent the significance level
Confidence =95% or 0.95
The confidence interval for the difference of means is given by the following formula:
(1)
Part a
The point of estimate for is just given by:
Part b: At 95% confidence, what is the margin of error?
Since the Confidence is 0.95 or 95%, the value of and
, and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-NORM.INV(0.025,0,1)".And we see that
The standard error is given by the following formula:
And replacing we have:
And the Margin of error is given by:
Part c: What is a 95% confidence interval estimate of the difference between the population mean ratings for the two sizes of ships?
Confidence interval
Now we have everything in order to replace into formula (1):
So on this case the 95% confidence interval would be given by .
Hey!
So here, what we need to do is plug in 100 for n
So 100/101 is our answer
Let me know if something doesn't make sense! :)