Question
In: Statistics and Probability
An important factor in selling a residential property is the number of people who look through...
An important factor in selling a residential property is the number of people who look through the home. A sample of 14 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 23 and the standard deviation of the sample was 5 people. Develop a 95% confidence interval for the population mean. (Use t Distribution Table.) (Round your answers to 2 decimal places.)
Solutions
Expert Solution
Solution :
Given that,
= 23
s =5
n =14
Degrees of freedom = df = n - 1 = 14- 1 = 13
At 95% confidence level the t is ,
= 1 - 95% = 1 - 0.95 = 0.05
/
2= 0.05 / 2 = 0.025
t
/2,df = t0.025,13 = 2.160 ( using student t
table)
Margin of error = E = t/2,df
* (s /
= 2.160 * (5 /
= 2.87
The 95% confidence interval estimate of the population mean is,
- E < 
<
+ E
23 - 2.87 <
< 23 + 2.87
(20.13 , 25.87)
orchestra answered 1 year agoRelated Solutions
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