Question
In: Statistics and Probability
In a random sample of 64 audited estate tax returns, it was determined that the mean...
In a random sample of 64 audited estate tax returns, it was determined that the mean amount of additional tax owed was $3443 with a standard deviation of $2506. Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns
. The lower bound is $
The upper bound is $
(Round to the nearest dollar as needed.)
Solutions
Expert Solution
Solution :
Given that,
t
/2,df = 1.669
Margin of error = E = t/2,df
* (s /
= 1.669 * (2506 /
Margin of error = E = 522
The 90% confidence interval estimate of the population mean is,
- E < 
<
+ E
3443 - 522 <
< 3443 + 522
2921 <
< 3965
The lower bound is $2921
The upper bound is $3965
orchestra answered 2 years agoRelated Solutions
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