Find the simple interest paid for 8 years on a $850 loan at 7.5% per year.
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Answer:
The 98% confidence interval for the population mean number of hours worked per year per person is (2146, 2193).
Step-by-step explanation:
The question is incomplete.
The number of hours registered in the sample are:
2051 2061 2162 2167 2169 2171
2180 2183 2186 2195 2196 2198
2205 2210 2211
The sample mean can be calculated as:
We have to calculate a 98% confidence interval for the mean.
The population standard deviation is know and is σ=39.
The sample mean is M=2169.67.
The sample size is N=15.
As σ is known, the standard error of the mean (σM) is calculated as:
The z-value for a 98% confidence interval is z=2.326.
The margin of error (MOE) can be calculated as:
Then, the lower and upper bounds of the confidence interval are:
The 98% confidence interval for the population mean is (2146, 2193).