In: Statistics and Probability
In a survey, 17 people were asked how much they spent on their
child's last birthday gift. The results were roughly bell-shaped
with a mean of $34 and standard deviation of $8. Find the margin of
error at a 95% confidence level.
Give your answer to two decimal places.
calculation in excel:
Sample Size | 17 |
Sample Mean | 34 |
Standard Deviation | 8 |
Confidence Coefficient | 0.95 |
Significant level | 0.05 |
Margin of error | 3.80 |
formula to find margin of error is "=CONFIDENCE(significance level,standard deviation,sample size)"
so the MArgin of error is 3.80
In detail: