Question
In: Statistics and Probability
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large...
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 28 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8644 with a standard deviation of $1157.
A. Find a 99% confidence interval for the mean loss in value per home.
($__,$__ )
Solutions
Expert Solution
Solution :
Given that,
= $8644
s = $1157
n = 28
Degrees of freedom = df = n - 1 = 28 - 1 = 27
At 99% confidence level the t is ,
= 1 - 99% = 1 - 0.99 = 0.01
/ 2 = 0.01 / 2 = 0.005
t
/2 df = t0.005,27= 2.771
Margin of error = E = t/2,df
* (s /
= 2.771 * (1157 /
The 99% confidence interval estimate of the population mean is,
- E < 
<
+ E
8644 - 605.8859<
<8644 +605.8859
28038.1141 <
< 9249.8859
($28038.1141 , $ 9249.8859 )
orchestra answered 2 years agoRelated Solutions
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