Question
In: Statistics and Probability
A random sample of 5 states gave the following areas (in 1000 square miles; same data...
A random sample of 5 states gave the following areas (in 1000 square miles; same data as Problem 2-38, incidentally): 147, 84, 24, 85, 159 a) Find the 95% confidence interval for the mean area for all 50 states in the United States. 13. A real estate agent wants to estimate the average selling price of houses in a suburb of Atlanta. It randomly samples 25 recent sales and calculates the average price = $148,000 and the standard deviation s = $62,000. a) Calculate a 95% confidence interval for the mean of all recent selling prices. 12. A random sample of 5 states gave the following areas (in 1000 square miles; same data as Problem 2-38, incidentally): 147, 84, 24, 85, 159 a) Find the 95% confidence interval for the mean area for all 50 states in the United States.
Solutions
Expert Solution
13)
sample std dev , s = 62000.0000
Sample Size , n = 25
Sample Mean, x̅ = 148000.0000
Level of Significance , α =
0.05
degree of freedom= DF=n-1= 24
't value=' tα/2= 2.064 [Excel
formula =t.inv(α/2,df) ]
Standard Error , SE = s/√n = 62000/√25=
12400.0000
margin of error , E=t*SE = 2.0639
* 12400.0000 = 25592.342
confidence interval is
Interval Lower Limit = x̅ - E = 148000.00
- 25592.3422 =
122407.6578
Interval Upper Limit = x̅ + E = 148000.00
- 25592.3422 =
173592.3422
95% confidence interval is (
122407.66 < µ < 173592.34
)
................
Please let me know in case of any doubt.
Thanks in advance!
Please upvote!
orchestra answered 1 year agoRelated Solutions
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