Question
In: Statistics and Probability
Bob Nale is the owner of Nale's Quick Fill. Bob would like to estimate the mean...
|
Bob Nale is the owner of Nale's Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.2 gallons. From his records, he selects a random sample of 56 sales and finds the mean number of gallons sold is 8.07. (Round your answers to 2 decimal places.) |
| (a) | The point estimate of the population mean is |
| (b) |
The 99 percent confidence interval for the population mean is between and . |
Solutions
Expert Solution
Solution :
Given that,
a.
Point estimate = sample mean = 
= 8.07
b.
Population standard deviation = 
= 2.2
Sample size = n =56
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 ( Using z table )
Margin of error = E = Z/2*
(
/
= 2.576* (2.2 /
= 0.76
At 99% confidence interval mean is,
-
E < 
<
+ E
8.07-0.76 <
< 8.07+0.76
7.31<
< 8.83
(7.31 , 8.83)
orchestra answered 11 months agoRelated Solutions
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