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Answer:
And we can find this probability with the normal standard distirbution or excel and we got:
Step-by-step explanation:
Previous concepts
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".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Solution to the problem
Let X the random variable that represent the lenghts of a population, and for this case we know the distribution for X is given by:
Where and
We are interested on this probability
And the best way to solve this problem is using the normal standard distribution and the z score given by:
If we apply this formula to our probability we got this:
And we can find this probability with the normal standard distirbution or excel and we got:
The correct answer is the first choice, ($1818.30, $5077.70.)
To find this, we first find the z-score based on the confidence level:
Convert 95% to a decimal: 95%=95/100 = 0.95
Subtract from 1: 1-0.95 = 0.05
Divide by 2: 0.05/2 = 0.025
Subtract from 1: 1-0.025 = 0.975
Using a z-table (http://www.z-table.com) we see that this value is associated with a z-score of 1.96.
Next, we identify
Next we find
Next we find
Next, we multiply this value by z:
1.96(831.479) = 1629.70
The confidence interval is given by
To find this, we first find the z-score based on the confidence level:
Convert 95% to a decimal: 95%=95/100 = 0.95
Subtract from 1: 1-0.95 = 0.05
Divide by 2: 0.05/2 = 0.025
Subtract from 1: 1-0.025 = 0.975
Using a z-table (http://www.z-table.com) we see that this value is associated with a z-score of 1.96.
Next, we identify
Next we find
Next we find
Next, we multiply this value by z:
1.96(831.479) = 1629.70
The confidence interval is given by