If £2000 is placed into a bank account that pays 3% compound interest per year,
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Answer:
D) (3.67, 4.73)
Step-by-step explanation:
Confidence Interval for the true average number of homes that a person owns in his or her lifetimecan be calculated using M±ME where
- M is the average number of home owned (4.2)
- ME is the margin of error from the mean
And margin of error (ME) can be calculated as
ME= where
- z is the corresponding statistic in the given confidence level(1.96)
- s is the standard deviation of the sample(2.1)
- N is the sample size (60)
Putting the numbers we get ME=≈0.53
Then the 95% confidence interval is 4.2±0.53 or (3.67, 4.73)