Question

In: Statistics and Probability

In a survey, 17 people were asked how much they spent on their child's last birthday...

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.

Solutions

Expert Solution

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:


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