Question

In: Finance

The grade point averages​ (GPA) for 12 randomly selected college students are shown on the right....

The grade point averages​ (GPA) for 12 randomly selected college students are shown on the right. Complete parts​ (a) through​ (c) below. Assume the population is normally distributed.

2.2 3.4 2.9 1.8 0.8 4.0 2.4 1.3 3.9 0.5 2.4 3.3 ​

(a) Find the sample mean.

x = _____ ​(Round to two decimal places as​ needed.) ​

(b) Find the sample standard deviation.

s= ______ (Round to two decimal places as​ needed.)

​(c) Construct a 95​% confidence interval for the population mean mu.

A 95​% confidence interval for the population mean is( ____, ____ ) . ​(Round to two decimal places as​ needed.)

Solutions

Expert Solution

A
Mean
2.2
3.4
2.9
1.8
0.8
4
2.4
1.3
3.9
0.5
2.4
3.3
Sum 28.9
Count 12
Mean 2.41
B
Standard Deviation
Nos Square of difference from mean
2.2 0.04
3.4 0.98
2.9 0.24
1.8 0.37
0.8 2.59
4 2.53
2.4 0.00
1.3 1.23
3.9 2.23
0.5 3.64
2.4 0.00
3.3 0.80
28.9 14.65
SD square root of (14.65/12)
SD 1.10
Confidence Level at 95%
Step 1 Degree of Freedom 12-1=11
Step 2 (1-.95)/2=.025= alpha
Step 3 As per t distribution table 2.201
Step 4                                0.32
At 95% confidence mean is =
2.201*.32                                                    0.70

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