Question

In: Math

a) For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.79 million dollars....

a) For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.79 million dollars. Assuming a population standard deviation gross earnings of 0.47 million dollars, obtain a 99% confidence interval for the mean gross earnings of all Rolling Stones concerts (in millions).

Confidence interval: ( __________________ , __________________ ).

Solutions

Expert Solution

Solution :

Given that,

= 2.79

= 0.47

n = 30

At 99% confidence level the z is ,

= 1 - 99% = 1 - 0.99 = 0.01

/ 2 = 0.01 / 2 = 0.005

Z/2 = Z0.005 = 2.576

Margin of error = E = Z/2* ( /n)

= 2.576 * (0.47 / 30)

= 0.22

At 99% confidence interval estimate of the population mean is,

- E < < + E

2.79 - 0.22 < < 2.79 + 0.22

2.57 < < 3.01

Confidence interval :(2.57 , 3.01)


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